(CNN) – The Obama administration will formally ask Congress later this week to raise the nation’s debt ceiling by $1.2 trillion, a Treasury Department official tells CNN.

The latest request is the third of three requests authorized by the contentious debt ceiling agreement reached last August and is expected to come on December 30 – the day the debt is projected to fall within $100 billion of the current $15.194 trillion ceiling. The new request asks the ceiling be raised to $16.39 trillion.

According to the terms of the debt ceiling agreement, Congress has 15 days to pass a joint resolution disapproving of an increase which President Obama is authorized to veto.

The new debt ceiling is expected to satisfy U.S. debts until the end of next year, according to the Treasury Department official.

soundoff(1,449 Responses)

another nail in the obama coffin... never seen a Marxist who didn't love squandering the countries wealth.

December 27, 2011 at 2:15 pm |

Funny

I know! Same with the capitalists also.

December 27, 2011 at 2:16 pm |

1FreeWorld

@Leogirl

wHouseHinee is making sure that Charitable Gifts will no longer be Tax Deductible.

If RICH PEOPLE cannot take their Charity Gifts off their Taxes,,,

Guess what happens next?

Well the RICH will STOP CONTRIBUTING TO CHARITY.

Go Figure!

CAN ANYBODY HERE TELL ME
HOW MUCH
– Barack wHouseHinee Obama PAID to CHARITIES in the last 3 years?
– Hollywood Celebs and Musicians have PAID to CHARITIES in the last 3 years?
– GE has in PROFITS (in other Countries where they have not re-patriated thier Profits to AMERICA)
has paid their FAIR SHARE of TAXES
to support the RE-DISTRIBUTION OF WEALTH
DemocRATS,
(and Why the Ex-GE CEO is on the Obumer Czar LIST)?

January 9, 2012 at 8:18 pm |

1FreeWorld

@ddblah

You Commmited,,, sorry,,,

ddblah

you said:

"4) at time of bad economy, it is suicidal to reduce government spending. 5) The right time to reduce government spending is when the economy improves."

I do not want to take you out of context.

When the Suicide is
DEATH BY SPENDING,,,, err,,
BY PAYING INTEREST TO CHINA (who uses OUR Interest money to build THEIR MILITARY),,, errr,,,,
CAUSING OUR GRANDCHILDREN TO PAY FOR Obumers CURRENT
Fiddling (like Nero),,,
White House Bon Jovi and Mad Hatter Parties,,,

while the rest of us are SUFFERING,,,,

Then we may want to stop the Guy In the WHITE HOUSE!

January 9, 2012 at 8:38 pm |

ddblah

Like Bush's Iraqi war or Bush's triumph to sabotage the economy?

December 27, 2011 at 2:23 pm |

steve

that is just sad there is no justification especially continuing to blame anyone else its getting really old.

December 27, 2011 at 2:27 pm |

ddblah

OK, then find out why the debt got increased, how and when.
Government needs to spend the credit to save the economy, period!

December 27, 2011 at 2:36 pm |

bob

Congress voted yes to the war during Bush's time in office. Obama then sent in more troops after he took office, and then went into Libya.

December 27, 2011 at 2:41 pm |

Scott

Bush Iraq War $800 Billion over 9 years. Alot, yes. But that is dwarfed by Obama's spending (and for good measure, I will throw in Bush's first bailout).

You people need to stop acting like the wars broke the bank. All these stimulus measures, without permanently fixing what is wrong regulatory and taxation wise, is what is killing us and the economy.

December 27, 2011 at 2:47 pm |

ddblah

Scott: the war contributed to the problem. 1) The war did not end when Bush left. 2) his tax cut contributed to the debt. 3) Instead on investing in economy, Bush's policy made the recession worse. 4) at time of bad economy, it is suicidal to reduce government spending. 5) The right time to reduce government spending is when the economy improves.

December 27, 2011 at 2:55 pm |

Steve

Why do people live in this fictional black and white world where if you are critical of Obama then you must love GWB and therefore the best retort, which is really no argument at all, is some shot at GWB. Ok we get it. Anything Obama does well is because of his brilliance and socialist righteousness. Anything he has done poorly is all because of GWB. Feel better now?

December 27, 2011 at 2:56 pm |

Cmoore

All the bailout money has been paid back in full with interest. I don't think the stimulus killed the economy. And without it we wouldn't have a car industry anymore. But hey what do I know. I thought Bush drove this country into the ground and I believe Obama's done more than any president in recent history with a worthless congress. Obama took office trying to fix all the issues the last guy left for him, if u believed he could snap his fingers and fix everything you must believe in god. If Bush could of ran for President one more time he probably would of declined. He knew how bad he was at being president.

December 27, 2011 at 2:58 pm |

Peter

The Bush Administration CUTTING taxes in the MIDDLE of an EXPENSIVE, UNBUDGETED war burned the candle at both ends. Add to that, GW Bush raising the debt ceiling SEVEN times, THREE times in his FIRST TERM. You call that fiscal responsibility? Obama came into office with the previous President leaving him the worst mess since Hoover left FDR.

December 27, 2011 at 2:58 pm |

Chuck

It wasn't just the Iraq war that put the US in this position. Bush gave the surplus built up away, $300 at a time, as a campaign promise.

December 27, 2011 at 3:02 pm |

fred astaire

Bush isn't president now. Live in today's world and stop blaming the past. We need to FIX the problems f today.

December 27, 2011 at 3:05 pm |

Zodak

ddblah
OK, then find out why the debt got increased, how and when.
Government needs to spend the credit to save the economy, period!

that irresponsible mentality is what cause the financial crisis. perhaps you should look up the definition of debt and you would understand that eventually is has to be repaid.
And FYI this extension is to pay for the 600+ billion defense act.

The Bush war started the problem, Obama is continuing the problem (but he hasn't made it worse which I guess is the bright side if you're looking for one), and none of the politicians today have any idea of how to fix this economy. As a country, we're screwed

December 27, 2011 at 3:10 pm |

bczu

600 billion a year on "defense". This is because of what Bush did. Obama wants to cut the Dept. of Defense budget. By the way, China has the largest army in the world and they spend 114 billion a year on defense. We spend 500 billion more than any other country on "defense"........wtf people

December 27, 2011 at 3:13 pm |

bourneblogger

People who think the frivolous spending on war isn't a major money burner are seriously deranged... It does not take a mathematician to understand that the billions of dollars spent on war could have gone to fix some of our other problems... And those who think Bush should be pardoned for his contribution to the mess we're in now are narrow-minded and not seeing the big picture... It's not like Bush left a perfectly clean slate for Obama... And it's not like Bush didn't do plenty of ceiling raising himself when he was in office... It's funny how many people defend Bush, the Republicans and the TEA party considering they represent the uber rich, which is only 1% of the country... If you make less than $250k a year and support the Republicans it's only b/c you're racist...

December 27, 2011 at 3:24 pm |

dinkledein

@ddblah....Ok, genius, we're out of Iraq. Why doesn't the Idiot in Chief use the money we're saving there?

December 27, 2011 at 3:27 pm |

specksk

yep, so let's vote out both Bush and Obama in the coming elections.

December 27, 2011 at 3:30 pm |

Dave in DC

It is amazing how some people just read the party talking points and spew them out. Tell you what. Do some research on the CBO site. All of the raw numbers are there. Tax revenues over the last 10 years, increases in MANDATORY spending and DISCRETIONARY spending. Everything. Here is what you will find, yes the wars, plural, pulled in a cost of 800 billion since 2001/2002. Mandatory spending, that's your entitlements people, has doubled in that time from 1 trillion a year to 2 trillion a year. Add those numbers and the increase is over 7 trillion dollars. And the Bush tax cuts, a drop in the bucket. And in fact we still saw a revenue increase, before the economic down turn. Get with the program and actually do some real research. Otherwise you're spewing BS. OH, and BTW, I am not blaming Obama for this, except to say that he's doing NOTHING to fix it, and neither is congress. In less than 10 years mandatory spending alone will be almost double what we pull in revenue in this country.

December 27, 2011 at 3:37 pm |

Charlie

And Clinton's war on Yugoslavia, And JFK's Vietnam and Truman's Korea

December 27, 2011 at 3:38 pm |

Gabbo

Barry's spent more in 3 years than Bush did in 8 ..... and he wants to spend lots, lots more ! This man is a fool, and an arrogant one at that....NOBAMA ASAP – Come on, Nov 2012 !

December 27, 2011 at 3:40 pm |

DB

Its funny how folks quickly forget the cost to the debt for Bush's 2 wars AND Drug plan AND Tax cuts...
FROM 2009-2011, Obama's policies have added only 1.4 Trillion to the debt....
FROM 2001-2008, Bush policies have added 7 trillion to the debt....which are still left unpaid...

December 27, 2011 at 3:44 pm |

DB

FROM 2009-2011, Obama's policies have added only 1.4 Trillion to the debt....
FROM 2001-2008, Bush policies have added 7 trillion to the debt....which are still left unpaid...

$5T is a lot a money lost for one administration, especially considering that our entire national debt is only $15T total. Now Republicans are pushing their "starve the beast" proposal to pay for it and are condemning Obama for not cutting spending fast enough.

I got bad news for your Repubs. Cutting spending (which I agree is way too high) to balance the budget WON'T help the economy because it is a zero-sum game. Reducing the deficit and debt is goo in the LONG run, but in the short run any gains will be offset by the further damage the economy will suffer as the government stops printing checks for everything.

It still amazes me that Repubs think that the deficit and debt are HUGE issues NOW, but never mentioned them at all when Bush was president and had a Republican congress for four of eight years. Where were those huge budget cuts THEN???

Sid

December 27, 2011 at 3:47 pm |

Bigred80

The 16T is not the biggest problem; it's the other 65T in unfunded liabilities! The intelligentsia can argue about the costs of wars, tax cuts and bailouts. That way they don't have to accept the unsustainable costs of promises we can't keep. The 65T includes Medicare, security, state/federal pensions and other post employment benefits, etc. Add to this mess the next bubble of defaults -student loans. Should the govt contribute more towards the cost of higher Ed OR should colleges restructure to reduce the cost of delivering the service? I look forward to retiring out of the country with a lot of other job creators. When the rest of u get hit with the "fair share" tax bill, perhaps you will also become less tolerant of government waste and personal disincentives.

December 27, 2011 at 3:49 pm |

Bigred80

The 16T is not the biggest problem; it's the other 65T in unfunded liabilities! The intelligentsia can argue about the costs of wars, tax cuts and bailouts. That way they don't have to accept the unsustainable costs of promises we can't keep. The 65T includes Medicare, security, state/federal pensions and other post employment benefits, etc. Add to this mess the next bubble of defaults -student loans. Should the govt contribute more towards the cost of higher Ed OR should colleges restructure to reduce the cost of delivering the service? I look forward to retiring out of the country with a lot of other job creators. When the rest of u get hit with the "fair share" tax bill, perhaps you will also become less tolerant of government waste and personal disincentives.

December 27, 2011 at 3:52 pm |

mogran

Biggest spender in history is Obama administration not Bush...much as the liberal dems try to make it so.

December 27, 2011 at 3:53 pm |

vinny

To scott, the one who said the war cost only 800 billion...your wrong. it cost 3.2 to 4 trillion, which were reports that came from Brown University. Rather believe them then you buddy, especially since the spending by the DOD was 800 billion by itself.

December 27, 2011 at 3:53 pm |

Charlie

Dear DB, Are you saying the response to 9-11 was not appropriate. That is sickening on many levels. Had Bill Clinton dealt with Al Qaieda and kept them in check Bush would not have been stuck with this.

Obama has done in 3 years what it took Bush to do in 8 years. The debt cannot continue to grow exponentially.

December 27, 2011 at 3:54 pm |

Chris

When George Bush took office, the debt was $6 Trillion. When he left, it was $10 Trillion. He ran the debt up by 4 trillion dollars over 8 years in office. Shame on him for doing that. When Obama took office, it was $10 Trillion. It is now $15 Trillion, soon to be $16 Trillion by the end of next year. In one term, Obama has raised it $6 Trillion. From the left, somehow, Bush is continuing to spend three years after he left office. (the wars do not account for even close to that much money). I don't mind holding Bush accountable for his disastrous fiscal policy, but for crying out loud, left wingers need to admit Obama has a heck of a lot of culpability here too.

December 27, 2011 at 4:05 pm |

ddblah

Charlie, invasion of Iraq was part of the response to 911? Wow, you are really good at stretching the facts.

And, despite the wars, Clinton did manage to get the surplus and the economy was flying.

Part of your problem is that you just can't analyze. Try a simple math: divide the increase by the base. You can see the rate of increase. As a matter of fact, Reagan had the worst record. In his 8 years, he almost tripled the debt. In Bush Jr.'s years, the debt was almost doubled.

2008: $11.32T
2010: $14.29T, 26.3% (relative to $11.32T), less than 37.6% of Bush Jr. in his second year, much less than 41% of Reagan.

December 27, 2011 at 4:08 pm |

VoxVerum

@Charlie: He may not be, but I am. Our military response to 9/11 was completely inappropriate, and played right into the hands of those who perpetrated the attack. Also, you may bag on Clinton for letting his chance at OBL slip away, but Bush did the very same thing when presented with intelligence that suggested an attack on US soil, using commercial airliners was imminent. Face it, you cannot put a pretty face on GW Bush's presidency. One of the absolute worst and most disastrous terms in our history.

December 27, 2011 at 4:09 pm |

GreenSmurf45

When are you sheeple going to get a clue! This is all by design for the NWO!

December 27, 2011 at 4:21 pm |

remorse2

The USA is being desroyed from the inside and some people loves it.

December 27, 2011 at 4:29 pm |

NPI

Blah i hate to break it to you by Obama has far exceeded Bush's spending and i know telling someone like you that is like talking to a brick wall so let me ask you this When do we stop this irresponsible spending?? When will it be too much? Answer: Never, this president knows no limits because he will never admit that government is not the solution the private sector (people who produce) can save this country And he will never loosen the noose bc is diminishes his power.

December 27, 2011 at 4:34 pm |

UrAverageJoe

I love all the people saying how Obama has mortgaged their children's future. I guess these same people didn't give a damn about thier kids when Reagan was running up 4 trillion in debt in 1980s dollars in a good economy, nor did they geve a damn about their grandkids when Bush 2 ran up 5 trillion in debt with tax cuts he refused to pay for two wars he refused to pay for AND the prescription Drug buyoff of Big Phamra. Obama spent a lot? NAME IT!!! 787 billion to try to keep the economy out of a depression ($233 billion of which was tax cuts) $80 billion on childrens health care. the rest is the DIRECT RESULT of the worst economy since the Great Depression that he inherited from the Republicans. When 3 million people are unemployed BEFORE you step into office and are therefore no longer paying taxes, deficits go up. When those same people begin collecting food stamps and unemployment deficits go up. The deliberate LIES these people tell are unChristian and un American pure and simple. They destroyed our country under Reagan and Bush and now pretend to care about their children. Pathetic!

December 27, 2011 at 4:38 pm |

mikaman3000

Please move back to North Korea. Cults of Personality are better accepted over there.

December 27, 2011 at 4:46 pm |

Print More Money

"at time of bad economy, it is suicidal to reduce government spending. " The problem with that is eventually the government runs out of other peoples money. Wise up.

ddblah you are an idiot obviously... obviously percentage has nothing to do with anything the more the debt ceiling goes up the harder it will be to match it... i.e. say the debt ceiling was 1 trillion then a raise of 1 trilliion to 2 trillion would be a 100 % increase.... Now say the debt ceiling was 100 trillion, a raise of 10 trillion would only be a 10% raise... See why your argument sucks?
As for the real values.....
2000 5,674
2001 5,807
2002 6,228
2003 6,783
2004 7,379
2005 7,933
2006 8,507
2007 9,008
2008 10,025
2009 11,910
2010 13,562

December 27, 2011 at 4:54 pm |

tickethead

Hey bourneblogger, I am a Tea Party member and do not make the $250 /year. As your post suggests, I must be a racist.

I get sick and tired of seeing idiots talk about the Tea Party as though we are either rich or we host cross burning parties. I thought it was the liberal moto to NOT insult an entire group of people because of one dummy. You know like saying because bourneblogger is gay, all liberals are gay.

I guess you fail at being a liberal too.

December 27, 2011 at 5:05 pm |

jb1963

Funny how republicans here can blame Obama but praise the real criminals who put us in this mess. Blame Reagen,Bush and Clinton for all the troubles. They all had a hand in cutting taxes when they shouldn't deregulated the housing and banking industry and started needless wars.

December 27, 2011 at 5:05 pm |

massbytes

ddblah...Regardless of where Bush left things, this Keynesian delusion that if we just spend enough money and go into enough debt the economy will recover is a delusion that has broken this country. Obama did all the wrong things given the economy he inherited. Keep watching Europe kick the can down the road and never really solve the over-spending. That is us in the near future.

December 27, 2011 at 5:06 pm |

bl245

Funny Ronald Reagan inherited a much worse economy from Jimmy Carter and turned it around in less than 3 years. I guess Obama isnt quite in that league. Reagan did it with a Democrat congress and Senate. What is Obama's excuse.

December 27, 2011 at 5:10 pm |

ConcernedDad

If we all simply agree to blame each other (Republicans and Democrats), can we move forward? I see tremendous energy, creativity, and wisdom wasted trying to out-do each other with statistics which can be read multiple ways depending on the audience. What if we just agree that this is all our faults? I admit, my mortgage is insured through FHA. That makes me a part of this entitlement society in which we all live. What if we all agreed to move off of the government teat and work to make the most of ourselves and our situation without the help of the government? I think it might work!

December 27, 2011 at 5:13 pm |

stop blaming bush

If they cut that big goverment, big salaries, they might have enough money

December 27, 2011 at 5:18 pm |

Jimh77

It's a major matter of the Bush War in Iraq and Afganistan. The thing is, what is the difference if the Feds print money that has no sudstance behind it or if I do? In either case there are no funds to support it. So if I can't do it, how can the Feds? Why not raise the Debt Ceiling to 20 Trillion and in 2012 start hacking away at spending. Iraq is done, Cut off all funds to Pakistan, China and where ever else we are spending vast amounts of money on.

December 27, 2011 at 5:23 pm |

bfred

You leave out the increases in tax collection that resulted from those lower rates providing greater incentives to earn, and that people in the lower brackets had their tax obligations reduced substantially by those cuts. But no matter – our issue is not a revenue issue; it's a spending issue. And I agree completely that Bush was guilty of spending far too much. But he hasn't been president for three years now. If Obama and a Democratic congress wanted to reduce spending, they've had ample opportunity. Instead the deficit has ballooned to more than $1 trillion PER YEAR.

December 27, 2011 at 5:28 pm |

rightwingnuts

You rightwingnuts love to distort the truth and make the President look like the bad guy. If you have an IQ in the double digits, you should be able to understand how this process works. The money is for paying the bills CONGRESS has already agreed to. They, congress, pass programs and then they don't want to pay for them. Last time I checked part of congress is run by rightwingnuts.

December 27, 2011 at 5:33 pm |

John

It's funny how people blame the Tea Party first they weren't even around with former President Bush or they was just starting and secondly one of the goals is a BALANCED BUDGET. However, liberals will be the first ones to support the OWS protestors, who only claim to fame is shouting a buildings and having no real solutions or ideas how to fix this mess. That to me doesn't make sense, but then again liberals don't make sense. Now before everyone says I'm supporting Bush, I am NOT for he is just as guilty in causing this economic mess as President Obama is. I'm getting tired of liberals blaming Bush when President Obama has to make decisions or moves like this, can't we just call like it is? Of course I can't write it here for this comment would never get posted. LOL

December 27, 2011 at 5:35 pm |

Jim

Get off of the Bush train. Yes Bush messed some things up, but that does not mean that we have to allow everybody after him a chance to do the same thing. The fact is Obama has spent in three years what Bush did in eight. We, the few that continue to pay taxes, cannot afford the spending this man is doing.

While it is nice to blame the wealthy, the fact is the middle class will have to contribute significantly to pay this debt. The poor are likely to see more programs go away because the debt will have to be paid one day and you can take every penny from the rich and our debt will still be excessively massive.

It is time for us, the tax payers, the voters to stop listening the the political c rap coming from bother parties and think about our country while we still have one. I agree we have a population that needs help, but we also have a larger population that needs to make better decisions in life, parents need to be involved and we have to get off the assumption that we can spend ourselves out of our problems rather than solving them.

Many of the programs we have and are spending massive amounts of money on have been around for decades and all we have for them is more people in poverty, larger debt and a population that believes that the government will take care of them and their children forever.

December 27, 2011 at 5:36 pm |

Hank

Government needs to spend to reduce the debt??? That is the biggest oxymoron I have ever heard...Whoever thinks that is an IDIOT. Why is the government allowed to SPEND WHILE THEY ARE IMMENSLY IN DEBT...WHY ARE THE USA CITIZENS FORCED TO REPAY DEBTS??? THE GOVERNMENT SHOULD BE HELD TO THE SAME STANDARDS AS THE PEOPLE.

December 27, 2011 at 5:38 pm |

VBM

What some of you people don't realize is the the money Obama is asking for is money that congress has obligated through legislation that was passed. It has nothing to do with the President destroying the economy it is an obligation. High debt is not ideal but it has to be raised until congress and the senate agree to spending reductions. IF OBAMA was a Socialist/Marxists he would be using that money to re-distribute it, but instead it is going towards spending on everything from Military to other government programs.

You liberals just can't get it through your heads that Obama spent more in his first 8 weeks than Bush spent in 8 years!

December 27, 2011 at 5:44 pm |

BambooGirl408

lol I love how the t-bags got REAL quiet right after dd and DB started posting some NUMBERS for everybody to make a comparison. The whole DEBATE ended in that part of the thread right afterward. As usual, facts ALWAYS trump t-bag drivel.

December 27, 2011 at 5:45 pm |

Obama the Spender

This "blame my predecessor" by Obama needs to stop. It's downright childish tactics. Many on the Right and the Left both opposed Iraq, but a very even bi-partisan declaration of war in congress sent us into Iraq. When a candidate is running for office, they should absolutely not be afforded the blame game. They accepting the position, waives that right. He might as well run with the slogan, "If you vote for me, I may not turn the country around." The only time the blame game works is after the Alternative has tried, which they haven't nor will be able to. Now we have an Alternative this upcoming General Election.

He needs to be confronted with a simple question, If you are elected will you blame your predecessor? If he says no, he better bite his lip or stand aside!

December 27, 2011 at 5:51 pm |

Jay

any way you slice it you make the point. Did Bush spend too much? YES. Has Obama spent too much? YES. It needs to stop or we may as well just move to Greece.

December 27, 2011 at 5:52 pm |

amlcpa

It's really tiring to see more comments by the droogs "blaming" Obama for a stimulus package that 1) was negotiated with the GOP to be HALF TAX CUTS, and 2) according to credible economists saved us from complete depression. The lending elements were completely successful, with Detroit paying back its part and the major banks paying back their part ... though the banks part makes me choke because they got such sweet deals that WE pay the price for years to come. That was Paulson who gave it to them, not Obama.

The puppets and droogs will spend the next year continuing to act as if Obama's sent us down the river, but the tide's been turning and it'll be harder for them every day to continue all these Fox News arguments. As others have noted above, the largest single contributor to this mess was the cutting taxes at the top end while overspending on war - and, like the 50% of stimulus that was tax cuts, it's provided more and more and more and more proof that TAX CUTTING DOESN"T CREATE JOBS - DOESN'T IMPROVE GOVERNMENT COLLECTIONS - DOESN'T IMPROVE OUR COMPETITIVENESS IN THE WORLD - all it does is pay off the puppeteers for their investments in lobbyists.

December 27, 2011 at 5:52 pm |

Mark

@dd – In no way did Clinton pay the debt with a surplus and set the economy flying. Clintons economic plan spread the debt out years into the future, created millions on menial jobs and ballooned the economy by forcing financial institution to give people credit they had no hope of paying for (sound familiar?)

Clinton was the biggest crook and liar we have ever had in office. He sold our future down the toilet. Told ya so.

December 27, 2011 at 5:55 pm |

ddblah

Jim and Barrie: sounds bites can just go that far. Read the numbers before you shout.

Do you know Reagan, your conservative champion, had the highest rate of debt increase of any presidents?
Do you know 2009 was the only year of decreasing GDP in the past 50 years? Google "us gdp", you will see.
Why these matters? Because, without government intervention and spending, US would have been in a great depression, worse than what happened in 30' under your conservative president Hoover who actually cut government spending when the depression started. If you can't learn, can't you read?

December 27, 2011 at 6:03 pm |

Jim

You can certainly tell from the comments those who pay taxes and those that do not. This spending will have to be repaid ne day and those who today do not pay taxes should be careful, like Greece one day you may find critical services eliminated and drastic cuts in governmnet handouts.

You could not live long managing your debt at home like this and this nation cannot continue for long doing it either. It is time to do what is right for this country, not just what get's the president a vote. We have spent nearly 6 trillion dollars in the last three years and not a single problem has been solved. The moral of this sad story is that you cannot solve problems by throwing money at it.

December 27, 2011 at 6:05 pm |

Foghole Bottom

The day President George W. Bush entered office; the national debt was 5.728 trillion dollars. The day he left the debt was 10.628 trillion; an increase of 4.900 trillion dollars. The day Obama took office; the national debt was 10.628 trillion. Last Friday (12/23/2011) the national debt was 15.129 trillion dollars; an increase of 4.501 trillion.

To put this perspective, what it took Bush eight years to do; Obama has been almost able to match in three. While Bush’s term in office may have been a disaster; Obama’s reign represents total destruction.

Source: www . treasurydirect . gov/NP/NPGateway

December 27, 2011 at 6:06 pm |

DB

Dear Charlie, reading is fundamental. No where in my post did i insinuate that the response to 9-11 was inappropriate. leave it to sheep to twist things up to make up a fictitious point... I was merely alluding to how we got the 15 trillion in debt we find ourselves in today...Folks want to blame Obama for the current debt, but fail to put the blame where it started. Folks also fail to admit that Bush's policies are still on the books, STILL NOT PAID FOR. We here squabling about Obama adding to the debt, but you republicans won't stand up to your republican congressmen to pay for the Bush policies...Instead they want to break the backs of the middle class to flip the bill by cutting welfare, SS,medicare, edu...etc Give me a break!!! And as my good friend ddblah pointed out
Invasion of Iraq was not suppose to be a part of the response to 911. We wasted Billions and countless American lives for an unjust war...that you are currently blaming Obama for the debt it incurred!

December 27, 2011 at 6:09 pm |

Rick

When did the Federal goverment lower spending? The later Clinton years were still deficit spending, even though the lie is told that there was a surplus. Excess spending now is way out of control. We just raised the ceiling in August by $1.2 trillion!!!!

December 27, 2011 at 6:09 pm |

Barrie

What a bunch of dolts! Runaway government spending never "saved" anything. "Save the economy" indeed. How, by bankrupting it? Can't you people even think?

December 27, 2011 at 6:15 pm |

ddblah

Jim and Barrie: from the way you both talked, I bet you pay much less tax than I do because you simply does not sound like well-educated, at least you don't seem to have any clue about financing.

December 27, 2011 at 6:26 pm |

SeeThruIt2

How many of you remember the Information Superhighway hype, and the accompanying Internet bubble burst in 2000 just before Bush came into office? At some point, a President must start accepting responsibility for his actions and decisions. When will that ever happen again? Maybe the next President can go another 4 years blaming Bush, Iraq and Afghanistan, and skip blaming this current administration.

December 27, 2011 at 6:27 pm |

Ian

You're right btw. But we can't just keep shifting blame! So because Bush was an idiot and ruined our economy, Obama gets a free pass to do the same? Bush was an idiot, I totally agree. But we've got to say enough is enough, and stop all this stupid Dem. Rep. crap.

December 27, 2011 at 6:27 pm |

jimmymac3

DDblah you are pretty stupid and falsifying figures.... Obama has increased the debt from Bushes yrs, NOT reversed that stupid trend... You are stupid !

December 27, 2011 at 6:28 pm |

sixer6josh6

Ineptocracy= a system of government where the least capable to lead are elected by the least capable of producing (ddblah), and where the members of society least likely to sustain themselves or succed, are rewarded with goods and services paid for by the confiscated wealth of a diminishing number of producers.

December 27, 2011 at 6:36 pm |

Ron

Why don't you all use this energy in a postivie way and go do some volunteering or pick up some trash or someting? There is a little truth and a little lie in all of what you say. But none of that matters. Grow up.

December 27, 2011 at 6:41 pm |

fread

You are talking about history something you can not changed. Everyone who is young will be paying for this until they die. That is what you should be conceded about. You can be right as hell and still be broke the rest of your life. That is what this dick is doing to you, and your children. I hope being right is worth it.

December 27, 2011 at 6:47 pm |

Chris

I love how you've got a part of the comments area with people citing actual statistics, that you can find all over the internet, and people still jumping in with utterly hilarious assumptions that Obama spent more in 8 weeks than Bush did in 8 years. Seriously? How freaking bad at mathematics and/or English are you to make such a statement? Please, please, for the sake of this country go back to school and get a basic education before you contribute to its politics.

Obama hasn't spent anywhere close to as much as Bush, and on top of it, Bush spent it all during a BOOM. We're in a recession; the quintessential moment in any country's economic cycle where they HAVE to spend in order to keep the economy afloat. Why would you blame Obama for that? He HAS to do it, because businesses and investors are too afraid to do it themselves because of the economic climate. Bush spending so much during a boom was the most irresponsible and selfish endeavour in the last 30 years. They kept spending the spending under the assumption that the boom would last forever. It didn't. Now you've got the next guy cleaning up the mess, and you want to blame HIM for it?

I weep for this country. We're all so blind-sided by our personal social beliefs, we'll pick the party that agrees with them and agree with no matter what kind of economic bullshit they spew at us, merely because the opposing position disagrees with our social beliefs.

December 27, 2011 at 6:48 pm |

obamamnesty

LOL Where do you think those billions spent of war end up? The bulk ends right back here into our economy from just about everything you can name. Wars do not cost money they create it in jobs and expenses. Now if those hundreds of billions were sent to China to fight our wars for us then you may have a point. Wars are good for a down economy....Why do you think Obama waited till an election year to pull from Iraq? USMC 1969-75

December 27, 2011 at 6:48 pm |

adam12

Yeah it's always easier to blame the last guy as opposed to justifying the current failure in office. Always

December 27, 2011 at 6:52 pm |

Mr Grumpy

I quote: "because you simply does not sound like well-educated." LMAO! Really too funny. Thanks for the laugh. BTW, tax revenue for the US went up with the Bush tax cuts. So much for that theory.

December 27, 2011 at 6:54 pm |

Mr Grumpy

I quote: "because you simply does not sound like well-educated." Really too funny. Thanks for the laugh. By the way, tax revenue for the US went up with the Bush tax cuts. So much for that theory.

CNN is annoying with their screening.

December 27, 2011 at 7:04 pm |

gato

ddblah, Thanks for the sanity. Amazing how the right-wingers here will defend Bush's disasters and massive debt increase, but then screech that Obama is ruining the country. Obama may be a Wall St. lackey who isn't making things much better, but he was handed a wreck - didn't cause it.

And remember the debt didn't start to skyrocket under Obama. It started after the 2008 collapse, which was caused by financial deregulation that conservatives have fought for for decades.

December 27, 2011 at 8:06 pm |

Midwestmatt

Did you miss all of your government classes in high school? Are you not aware that the POTUS is not allowed to raise or spend money because that's how the Constitution is written?

The Executive and Judicial Branches are funded by the Legislative Branch who set the budget and then allocate funds to the other two branches. So you "Marxist rhetoric is not only way off base, it's simply ludicrous.

All spending bills begin their life in the House. Not the White House.

December 27, 2011 at 8:48 pm |

seppe

To scott.the cost of any war it's not only the mney spend on the military but on the homeland security as well ,the same specimens that created the enemy now they turn around and tell every one of us that we have to defend our self by paying more taxes,loss of our privacy,loss of our young boys and girls,plus the the disabled military members that need and deserve to be compensated for putting there life in danger (only to create more enemy and defend the financial interest of the few. i can go on and on on this subject for a long time but watt good is going to do wend people like you talk about war as if it was a game?...and only a financial game...

December 27, 2011 at 9:27 pm |

jim

Let me see if I have this correct.

When the Dems controlled Congress it was all Bush's fault things went south. However, now that Republicans control Congress Obama gets a free pass. How does that work.

December 27, 2011 at 9:31 pm |

AdmC

Obamanasty - USMC? lose your brains? don't read?

W set up that agreement and announced it the day the shoe was thrown at him

get the facts and get a grip

December 27, 2011 at 9:44 pm |

Trees

OMG, you people are pathetic. No president is to blame for all our problems, since they don't hold that much power. BO is not at fault for this mess, but neither is W or Clinton. We are all at fault for voting the same clowns to Congress term after term to line their own pockets. Let's face it, each administration since 1946 has a share of the blame, but our economic mess is not that simple. Taxing all millionaires at 100% would fund our spending for a few weeks. The sad part is that with Medicare and Social Security getting ready for the boomers, we are only just starting to realize our problem. We have runaway spending of our money by people who buy their votes, period. We have the best government money can buy.

December 27, 2011 at 9:47 pm |

Ricky Dicky

Bush is a conservative ? LOL LOL. Both are socialist progressives. One with an R one with a D. GW BAD. ..OBAMA WORSE. History will repeat itself. Weimar republic anyone ? See you on the bread lines LOL LOL.

Hey ddblah...keep believing the B.S. you are getting fed. The only reason why King George II inherited the best economy in decades was because dear old dad ,King George I, signed bill into law that said the government wouldn't spend more than it took in. (Budget Enforcement Act of 1990). Slick Willie was to busy skinny dipping in the Lady Pond to interfere with the free market and Voila! ..... budget surplus. ddblah: you keep agreeing with the Lib-Dem/progressive republicans and I'll keep buying my Gold and silver bullion. LOL

December 27, 2011 at 10:27 pm |

rmiddleton

Federal Debt...
2001 - 5,662,216,013,697.37
2009 – Last year of Bush's Fiscal year - 10,627,961,295,930.67
2009 – Obama's First year as President – 10,627,961,295,930.67
2011 - current National Debt – 15,128,573,259,990.56

Sorry ddblah, you are full of it and your numbers do not add up. Matter of fact with that pesky "Budget" problem the Progressives refuse to address, it makes the left look even stupider.

December 27, 2011 at 10:35 pm |

BambooGirl408

"Wars do not cost money they create it in jobs and expenses."

LOL WOW Fox has scrambled the minds of its viewers worse than I thought. Bush didn't borrow BILLIONS from China because the Iraq war made us so much money, and we weren't spending over $100 BILLION a month on that occupation because it was PAYING a ton of money into our economy. Man oh man, I don't know what they put in that tea but it can't be legal. It costs over $1 MILLION U.S. to send a soldier from this country to Iraq alone, and that soldier doesn't make money, he or she COSTS money. Food, shelter, uniforms, extra training, NBC gear, weapons and ammo, the list of expenses goes on and on and it goes WAY up when you have to pay to get all of those things to someone who isn't even in the country. And do you think all the TRANSPORTATION for that soldier to get there is free? Think those airplanes and ships all run on his or her love of America? What do you think funds the MAINTENANCE on those ships and planes? PRAYER?

Grow UP, right winger. And turn off Hannity and the rest of those weirdos before they cause you PERMANENT brain damage.

December 27, 2011 at 10:45 pm |

antisophist

According to the Center for Budget and Policies Priorities, the breakdown for this years $1 Trillion deficit is as follows:

One reason why the budget got worse when Obama became president is because he included the Iraq and Afganistan war into the federal budget. The Bush Administration categorized the two wars in "emergency" bills so it wouldnt be shown in the federal budget.

December 28, 2011 at 1:45 am |

Blago2028

Problem 1 Bush. Problem 2 Obama. Screw the party lines, neither are obviously working/worked. We are still headed in the same direction (The wrong one). So what is this thread debating who is dumb and who is dumber... you are all idiots. Honestly we blame the elected government officials for playing the blame game, while you are doing the same thing.... wonder why they got elected??!?!?! Oh and ddblah really?!?! how can you try to call someone less educated when you use terms such as "you pay much less tax", "does not sound well-educated" when addressing someone, and "have any clue about financing" it is finances...a noun. Oh and taxes are based on a lot more than income just ask a deaf-blind-retiree!!!! I am voting Blagojevich 2028...at least something will change ;)

December 28, 2011 at 1:50 am |

cch

You're pathetic and a coward...not one of you hippie libs opposed either war when it was started....only in hindsight do you shmucks praise about your 'superior' intellect and how grand your solutions are....reality check – hugging terrorists and sucking the diversity cultural 'c**k' only makes you a few friends...learn to grow a sac...loser

December 28, 2011 at 1:58 am |

Bubbles

@Charlie

You dummy ... We are still paying for Bush's policies. Just because Bush/GOP lost in 2008, does not mean the debt incurred because of their policies ended.

Obama inherited a 1.5T budget deficit from Bush/GOP. This is the yearly budget deficit that gets added to the total federal deficit!

Obama can not eliminate a 1.5T budget deficit in 8 years, let alone 4 years or 2 years!

December 28, 2011 at 1:59 am |

Jason

The republicans should take the blame for Bush – but they never do. They don't want to accept that Bush more than doubled the debt – and raised the debt ceiling 7 times. Not to mention what was and is being spent on Iraq.

Most republican citizens are not overly wealthy – yet they stick up for the 2% of the population that make millions.
They are dreamers that think "One day I will be a millionaire, and I will need those tax breaks"
Wait until you get there to think that way – because the majority are not, and will not be millionaires.

December 28, 2011 at 2:13 am |

joe

Congress passed the laws that allowed for people who couldn't afford homes that ended up crashing the housing market. Blame it on the people in this country living out of their means. Blame it on the gas prices that bankrupted many of us. If you want to cast meaningless accusations then why do you forget it was under a democratic congress that this happened?

December 28, 2011 at 2:30 am |

joe

Why don't you look at actual numbers in stead of percentages? Your argument is not strong anymore when you place it into real numbers. It doesn't matter who borrowed the most or the least...the SPENDING HAS TO STOP (PERIOD!)

December 28, 2011 at 2:34 am |

MIKE

your an idiot

December 28, 2011 at 4:53 am |

Al

I will start by saying, you all sound smarter than I. However I have been serving in our military for about 19 years. I have been deployed under Presidents, Clinton, Bush, and Obama. So it's a punchin the gut to read some of the things you are writing. You need to check your facts. You are right about Iraq having nothing to do with 9/11. It had everything to do with non-compliance to NATO / UN agreements. Saddam triggered events by refusing to allow the UN to inspect facilities, which he agreed to after leaving Kuwait. Not to mention Iraq firing on US and NATO planes prior that war. This I know cause I was there. So you can keep cheerleading on sidelines, but you are wrong about the war. ~ It is an unfortunate fact that we can secure peace only by preparing for war. John F. Kennedy~

December 28, 2011 at 6:14 am |

Brad

bush only increased the countrys debt by 4 trillion in 8 years...Obama has almost doubled that in just 3.5 years.....anyone who can justify this idiot staying in congress by blaming previous admins needs back on their meds.......Im not defending Bush or blaming the fact that the dems were the ones doing the spending in the last 2 years of the Bush Admin but this is getting pathetic....the man spends 4 mil on vacations ever couple months yet wants more and more money to spending on projects that never materialize and the money just keeps disappearing........makes you wonder......

December 28, 2011 at 8:31 am |

jean2009

@Chris
I would suggest reading True Cost of Bush's Wars $4 to $6 trillion at the following site and the piece was written October 27, 2010 by Linda Bilmes for the Daily Beast @http://www.theburningplatform.com/?p=7487 secondary title...How the Wars are Sinking the Economy. You obviously know nothing but the junk produced by FAUX.

December 28, 2011 at 5:42 pm |

GOLFER5523399

were u better off 4 yrs ago or not i think we all know the answer to that and it is NO AND NO AND NO OVER OVER AND OVER WHERE HAS THE ANOYNTANT ONE BEEN WHEN THERE HAS BEEN FUEL ON THE FIRE I TELL YA ON THE GOLF COURSE OR IN HAITE OR IN TURKEY OR IN ISTANBULL WHO CARES RUN THIS COUNTRY THEN WORRY ABOUT 4 YRS AGO LISTEN TO THE MICHEAL SAVAGE SHOW AND IT MIGHT HELP

December 29, 2011 at 1:24 pm |

Q

Shut er down, we are broke.....TEAMERICA

December 27, 2011 at 2:23 pm |

mike

When is the President going to pass a budget? Is there any controling Washington. Not with this bunch.

December 27, 2011 at 3:40 pm |

Bob

Go to hell

December 27, 2011 at 3:49 pm |

WAAngel

Oh, that is just a great idea! Shut 'er down. If nothing else will get people up off their couches and into the street to protest the Bankers taking NO responsibility for our nation's plight, that would do it!
And just a reminder to anyone who thinks that the wars and war spending didn't have a thing to o with our debt, please remember that Bush the Lesser never put that spending in his budgets, kept it all hidden. When President Obama added that to the budget and made the costs transparent, that was when congress started to lay the debt at his feet. Either don't be a shortsighted fool or keep your mouths closed so no one will be the wiser.

December 27, 2011 at 4:06 pm |

Samdcs

Q and like minded in this forum.

Once the government becomes profitable, the whole country is in trouble. Yes the government should watch how revenues are allocated, however, the Republican has the upper hand in allocating it in reference to regulating how the defense budget should be debated on before passing and how government contractors should be held accountable. All these were destroyed by the party of NO-aka GOP.
Remember during Bush
1. Department of defense has blank check even till present, not because we are in immediate danger, but we have to spend regardless. (US defense budget is the rest of the world's defense budget combined)
2. Then the private contractors-military based contractors are charging the government excessively till date.
3. Over 500 military bases all over the world, with military personnel and equipments.
4. Dreadful double tax cut of 2001 and again 2003 to the wealthiest American cmpanies-so-called job creators. Tax cut still in effect and has reduced the nation's revenue by 15-25%. Regardless the increase in population with less revenue-wow very smart move Republicans.
5. Over 6 million jobs has been created outside the Country by companies benefiting from the tax cut. For example: GE reported $4Bilion+ profit and a TAX RETURN from the IRS of $350million. Many companies benefited from this type of returns. Pay no taxes and get tax returns in millions-I wonder why we kept spending huh?

Raising the deb ceiling is for US to be able to afford and keep up with the tax cut for the rich, 2 wars (Iraq is drawing down), and the rest of my points above. In order for the President to stop spending as the GOP has suggested, the President would have to abruptly halt the wars and shot down all military bases around the world, cancel all military contractors. All these would probably save approximately $800billion to $1.03Trillion a year. Increase taxes to the wealthiest for the next 10yrs since they've enjoyed over 10yrs of tax cut, that would probably fetched additional $700billion in revenue that would be generated each year making a grand total of about $1.7Trillion/yr of savings and in 10yrs, America should have saved over $17Trillion and about $1trillion+ surplus. Do you think the Country will be at peace not knowing what's going on around the world? Think about it. Policing the whole world, the need of helping big government contracting companiesis and tax cut for big companies are bankrupting America, not the President.

so bush 1 and 2 are marxist regan is a marxist and clinton as a mater of fact all of the presidents are right.

December 27, 2011 at 2:25 pm |

Charlie

The man (scratch that) BOY ( a man would know better) is absolutely clueless. America cannot Afford 4 more years of this tax and spend and spend and spend and spend. He has already given away the future of my children, grand children and great Grand Children.

December 27, 2011 at 2:26 pm |

Mark

Which 'he' are you referring to: Reagan, Bush, Clinton, Bush. Obama or all of the above because besides Clinton none of them did a thing to bring deficits into line.

Clean up your own party's messes before you start dispensing your own "wisdom" about how the economy is managed. George W Bush, the originator of all this misery, was emotionally an infant, and intellectually, didn't even register on any scale. You have no standing to criticize Obama, a man so much more accomplished and intelligent than you, that you just look silly, and you embarrass yourself with your post. Step back now please.

December 27, 2011 at 2:33 pm |

clint

If you will educate yourself, this is NOT NEW DEBT but accumulated effect of the last decade or longer......

December 27, 2011 at 2:33 pm |

Mike C

The only reason that will be true is if your children value the wealth of bankers more than their own well-being. Teach them well.

December 27, 2011 at 2:40 pm |

Brian

Where has Obama raised taxes during his Presidency? Know what you're talking about before putting fingers to keyboard keys. If anything, the Bush tax cuts are what's killing our economy. Leave it to Republican mis-management of taxpayer money. That's why OUR country is where it's at right now. So if you want to lay any blame on his shoulders, it should be about the extension of the Bush tax cuts. And folks like you want to put back into office the same folks that brought you the war in Iraq. That's precious.

December 27, 2011 at 2:47 pm |

M.O.

Don't worry Charlie. Someone will blame it on BUSH and not our "government will run your life" POTUS.

December 27, 2011 at 2:49 pm |

Scott

Obama isn't the one spending–Congress authorizes all spending.

December 27, 2011 at 2:51 pm |

Thelookingglass

I see someone has been watching foxblues again. LOL!

December 27, 2011 at 2:53 pm |

Wired

Silly toolbag, you've bought into the republican/teaparty Rhetoric.

They were ok with raising the ceiling as many times as they wanted over the previous 8 years...

December 27, 2011 at 2:58 pm |

Marcos

How much money are you leaving your children. Are you leaving them 2, 3 or 4 million?
Unless you expect the government to pay your children you better start saving.

December 27, 2011 at 2:59 pm |

josh

hay brian,those are obamas tax cuts now he extended them now he owns them, bush was a tool i agree, but lets be honest obama is as big of a tool if not bigger. what will ruin this country is peoples foolish allegiance to there political party, republicans, democrats and the sheep who keep voting them in are going to kill this country.

December 27, 2011 at 3:00 pm |

Peter

Charley: Where were you during the GW Bush administration where his administration slashed revenues coming in (tax cuts) simultaneously spending like wildfire on an expensive, unbudgeted war, plus raising the debt ceiling SEVEN times, THREE in his first term alone. You are acting like all this rampant spending is something brand new under Obama.

December 27, 2011 at 3:02 pm |

Dumbstruck

Obama has lowered taxes, NOT raised them. And at least part of the problem lies in inadequate tax revenue because so many voters believe they should be able to get more and more for less and less out of their own pockets. And another problem lies in the fact that too many Americans confuse debt and deficit.

December 27, 2011 at 3:03 pm |

Don

I understand that many Obama supporters will follow him off the cliff but he did increase my taxes. By increasing my taxable income by 2%. I started my 2011 tax preparations an noticed a substantial increase in the amount withheld in my federal and state taxes this past year. I had no raises for the past two years. Thus Obama increased my taxes.

December 27, 2011 at 3:09 pm |

rocco

ummm, remember, its that BOY (Obama) who targeted the ignorant (young) boy and girl voters (barely legal) giving them hopes and dreams, creating a nice PR campain, Change, change change.....when in reality it was spend spend spend......now we're here.....educate your children on who is running, as they are a loud large voice to be reccond with!

December 27, 2011 at 3:15 pm |

Guest

Don if your taxes are raised by 2% right now, it's because of the obstructionism in Congress. This is not because of the current President.

December 27, 2011 at 3:21 pm |

jeff

Charlie, President Obama acutually lowered our taxes.

December 27, 2011 at 3:21 pm |

AJS

I think our children's future was given away the minute the Bush illegal war began. 800 BILLION of our tax money. So, stop blaming Obama. At least he want to spend the money on us.

December 27, 2011 at 3:22 pm |

Fred

We would be better off with a tax and spend president. As it is, we have a borrow and spend president. Not saying that he is that much different than any of the past several presidents, though.

December 27, 2011 at 3:25 pm |

Joe Rioux

Read your history, bub. You can't get out of an economic depression with deflationary tactics. France tried it in the Great Depression, and it just extended the time required for France's recovery several years beyond that of all the other Western European nations, and the U.S.

December 27, 2011 at 3:30 pm |

Charlie

"They raised the debt ceiling numerous times during the previous 8 years"

Insanity – Doing the same thing over and over and expecting a different result – We keep raising the debt ceiling with the same disastrous results. Comes a time we need to get some of the CHANGE we were promised.

December 27, 2011 at 3:34 pm |

BobZemko

Heard that at the monster truck rally last night?

December 27, 2011 at 3:40 pm |

Marc

As if your use of "boy" isn't intended as a racial epithet.

December 27, 2011 at 3:41 pm |

ddaamm

This is actaully a response to the idiots that responded to charlie. Obama did raise taxes (tanning tax 10%). obama also wants to raise the cost of pell grants. The repubs were okay with raising the cieling on their watch but obama wasn't. he called it irresponsible. Now that he's spending it's not irresponsible. Obama was also against the bush tax cuts and said they destoryed the economy. Now they're necerssary. Bush was a faux republican and spent like a democrat. Your boy is incompitent and in way over his head.

December 27, 2011 at 3:42 pm |

Charlie

Marc

As if your use of "boy" isn't intended as a racial epithet.

Actually, I hadn't even considered it that way until you mentioned. This is more about his adolescent behavior and poor decision making.

Umm excuse me Charlie....It was Johnson's Vietnam NOT JFK. JFK was against Vietnam, and the powers that be had him killed for it.

December 27, 2011 at 4:01 pm |

Scott

@Brian: Whether or not Obama has raised taxes is -not the point-. We are talking about spending here. The debt that is being accumulated at an astronomical rate is what will destroy the futures of the coming generations. It is immoral, because the future voters who are being saddled with the debt have no representation in its creation. Any government that spends beyond its revenues is disenfranchising voters.

December 27, 2011 at 4:04 pm |

ddblah

Charlie: when someone like you say that his decisions were bad, I take it completely the opposite: he must have done an excellent job. Your ability to analyze is really pretty poor.

December 27, 2011 at 4:15 pm |

carly

hey Charlie you are clueless and just spewing false right wing talking points. Right wingers can not stand it when Obama tries to get things done and to get things done in this economy you have to spend. If only these right wing clowns would see the lights and close tax loopholes and tax corporations and the rich we would have been out of this mess.

December 27, 2011 at 4:32 pm |

sixer6josh6

Liverals will run over and pick up their welfare check, then drop by the university to see what's holding up their federal education grant. After that, go to the free clinic to check on their scabies and pick up their new glasses. Then after taking avantage of the system that preys on people who try to work hard, go meet at the federal building for the mas picketing of the stinking establishment.

December 27, 2011 at 4:59 pm |

mikaman3000

to Brian................Where have you been. Democrats themselves, for fear that the Supreme Court may end up finding Obamacare unconstitutional, started calling it a tax rather than a mandate in an effort to play a rhetorical shell game with the courts and to avoid having the core of their efforts ruled unconstitutional.. Stop allowing your irrational hate of the right, blind you to the fact that the Democrats are every bit as corrupt as the other side, if not more so. Their constituents just buy into the lies a lot easier. Helps to have every news organization (except FOX) + a few hack comedians and late night talk shows preaching the propaganda, but sooner or later, I hope people wake up. As long as we bicker amongst ourselves, both sides will continue to rape the American people.

December 27, 2011 at 5:14 pm |

Chuck in Jasper, Ga.

You are the boy, a petulant know nothing except the usual rhetoric spewed by clueless people.

December 27, 2011 at 5:35 pm |

reverance

Inflation is a tax all it's own. When the SS beneficiaries did not get a cost of living raise it's the same thing as a tax.

December 27, 2011 at 5:47 pm |

Jay

There are plenty of conservatives (myself included) who opposed Bush just as we oppose Obama. I fully agree with you if you say Bush overspent. You should spend only what you take in in revenue. I would be considered an idiot if I continually spent more money than I made....but somehow our Federal Government keeps getting defended for doing the same. Our credit card is maxed out again, so our solution is to "raise the debt ceiling" or in other words "go get another credit card." It's all stupid. I don't care if you raise taxes on the rich...just recognize that it may yield less economic investment by the wealthy. That's the price you pay. I don't care if you cut spending, just realize that the people you cut add to the unemployment numbers. Either way, you have to balance the budget or doom follows. I don't want to become Greece.

December 27, 2011 at 6:00 pm |

Tatsut

Obama did to raise taxes, he just didn't do it through congress, he raised taxes with out representation on things like soda, sugar, tobacco, and so on... a lot were added in the thousand page bills that nobody reads and votes into office... both parties are corrupted and need to be dismantled and we need to restore the republic.

December 27, 2011 at 6:14 pm |

Saboth

Will you people please, please turn off the Faux news and learn to think for yourselves? Tax and spend? WHEN did Obama raise taxes? He CUT taxes! He had to fight tooth and nail against Republicans (you know, the party that is SUPPOSED to be for lower taxes?) just to do that! Wow...just wow. As for the spending...he had to finish up the Republican's multiple wars that cost us trillions of dollars, and he had to help repair the economy that they destroyed. Did he HAVE to bail out banks and auto companies? No, but unemployment would probably be 25% right now if he hadn't, and how much do you think it will cost us to pay all that welfare and unemployment for the next 10-20 years? Probably a lot more.

December 27, 2011 at 6:28 pm |

Allen Gingrich

Don: Your taxes only went up if your state legislators decided to raise state taxes. Federal taxes are near an all time low, and are in-fact lower than they were during the last administration. It doesn't matter what bracket, you're paying less.

December 27, 2011 at 7:31 pm |

kem

Brian
"Where has Obama raised taxes during his Presidency?"
You can't keep spending with out raising or cutting something which I believe democrats are blaming Bush for. he did not pay for his war. what is the deference of what Obama is doing NONE. can any one answer one ? where did the 75% bailout money+ interest go that was paid back, it did not go back to the tax payers.
as far as tracking the stimulus in my area there was 3 projects the stimulus paid for, and 2 are fake, the projects don't exist. and I'm in a very small town how many more fake projects are there in large cities.

"The Bush tax cuts are what's killing our economy,"
oh you mean the one Obama extended Dec 17,2010 for 2 more years and you keep blaming Bush.

" And folks like you want to put back into office the same folks that brought you the war in Iraq,"
and has tripled down in Afghanistan, widened the war into Pakistan, multiplied drone attacks, bombed Yemen and Somalia, and started an undeclared NATO war in Libya. and lied 3 times about bringing the troops home. How many troops died because of his lies? OH wait that was Obama, And folks like you want to put back into office the same man that brought you all that.

I'm a democrat I voted for Obama very ashamed I did. I fell for his lies. I feel like I voted for another Bush. but I do have to admit if McCain was running again I would vote for Obama again. I voted for obama because I did not know he has such a silver tongue (lier). But I knew McCain was a Vietnam traitor.
Yes Bush was the crappiest president, my opinion Obama comes second.
I read proposed and passed bills, I know who voted for what and who didn't. I know who is running that is not like Bush or Obama. but it is up to you to find out who is better for this country. Don't listen to other people all you need to do is read. here is a good place to start http://www.govtrack.us
You can even find out what Obama voted on when he was in senate. not a bad senator he should have stayed there.

December 27, 2011 at 8:06 pm |

Midwestmatt

Guess what? No POTUS has ever taxed and spent. Ever.

Only the Congress is authorized to raise revenues and to spend those revenues. Not only is your comment utterly and tastelessly racist, it is astonishingly ignorant of the basic principles of the Constitution. All spending bills begin in the House, not the White house.

Run along. Fail.

December 27, 2011 at 8:52 pm |

Cityguy

Since Obama took office, 30 states RAISED taxes - Dont for a second think that BO's policies did not indirectly cause those taxes to go up. Obama himself raised a number of taxes (by letting tax cuts expire) and he has clamored to do that since he took office with the Bush tax cuts (So dont get all high and mighty because if it werent for the Republicans HE WOULD HAVE RAISED YOUR TAXES). Not to mention, that he imposed a TAX upon everyone starting in 2014 to pay for his feeble health care. So maybe you Dems should open your eyes..

December 27, 2011 at 11:44 pm |

Larry M

Taxes come in many forms that although not called a tax amount to the same thing. One glaring example is ObamaCare. The cost to business and individuals is huge. These cost are being collected although the plans they are collecitng for have not started. Because of the increase requirements and policy changes mandated your Health plans have increased expotentually. If you really looke you can find many more examples. Also the cost of gasoline is high and going to stay high because Obama is blocking oil and natural gas from the USA so that high cost green aternitives can come closer to competing.

"America cannot Afford 4 more years of this tax and spend and spend and spend and spend. He has already given away the future of my children, grand children and great Grand Children."

This is hogwash. We both know you can't detail all this spending you claim he's done, and you can't because it just hasn't happened. All you have is rhetoric you've been fed and are too ignorant and brainwashed to recognize for the nonsense it is.

Furthermore, the national debt rose more under Bush than it has under Obama at this point, so why is all your animosity targeted at Obama? Oh right, Bush was white and Obama is the "boy."

God, how stupid and gullible *are* you people? The deficit is high because of the effects of the recession and high unemployment, not because of anything Obama's done. Did you know the national debt grew more in the last 12 months under Bush ($1.44 trillion) than in the last 12 months under Obama ($1.2 trillion)? What, did Rush Limbaugh forget to mention that in one of your daily brainwashing sessions?

The national debt grew by more than $500 billion annually in 2005-2007, with low unemployment, no recession, record revenues, after Republicans had been in control for four years, and all but the last three months of that time was under Republican budgets signed by a Republican president.

"Reagan proved deficits don't matter." — Dick Cheney, 2002

December 28, 2011 at 5:43 am |

Lizzie

Dumbstruck, apparently you don't look at your bills not to see that taxes on everything has increased just because companies up their prices so you won't notice shows your biased. Just look at the cigarette tax that Pres.Obama and the democrats put in place, now don't tell me it's for my own good, no that money went to pet projects of the democrats. Please tell the rest of us why your so against having the Bush tax cuts to expire, when your so against them.

December 28, 2011 at 11:56 am |

Vanilla Gorilla

Prez Obama is taking us into very dangerous waters – the burden of that amount of debt will cripple the country and compromise t he future of the future generations. How does the Anointed One plan to pay it back or reduce the debt with something meaningful. No matter what your politics the math is still the same.

December 27, 2011 at 2:26 pm |

Mark

Thirty years we've been paying for today's prosperity with tomorrows promises. The time for fooling around is over. Taxes need to go up and spending needs to come down. You can't make it there without either of them and you won't make it there by cutting just discretionary spending. Defense, SS, Medicare/caid all have to be cut. That's where most of the money is spent.

December 27, 2011 at 2:34 pm |

strangerq

rez Obama is taking us into very dangerous waters.

^ No. It's the GOP's Iraq WAR and tax cuts for the rich that did that.

You guys don't understand how your government works, which is how you let the GOP rip you off. That's also dangerous.

December 27, 2011 at 2:40 pm |

Mike C

Repudiate the national debt. It will only hurt less than 1% of the population.

December 27, 2011 at 2:41 pm |

US guard

No worries- We will print more when needed. We just need more time to print. About a year to get those 16t. out on the market.

December 27, 2011 at 2:41 pm |

Brian

A good start is to let expire the Bush tax cuts. Those cuts, and unfunded war, and a deregulated financial sector is what got us in this mess. While he hasn't been the greatest POTUS we've ever had, NO ONE can allow the GOP to get their grubby little hands back on the reigns of power. Most of those folks were around to let all this happen. Don't understand why things will be any different second time around.

December 27, 2011 at 2:50 pm |

Thelookingglass

Alright Mr. couch president, what would you do?

December 27, 2011 at 2:54 pm |

Cyrus

Apparently, you and your friends have been reading a different math book than what economists follow. Unfortunately, your math (and incidentally, your hypothesis) is wrong, and there are enough empirical data and mathematical models to show that the accelerated GDP growth (over 4%) would bring the debt down within 10 years. Our GDP growth has been steady but in the neighborhood of 2% for the last two years. Still better than the negative GDP of 07-09.

When economies are in trouble, you can accelerate by either a) create a "war economy" (see WWII), b) direct investment into the economy to garner investor confidence. Since we are trying to come out of the War Economy, courtesy of the last president, the only other way we can get to that 4%+ GDP is by investing in our infrastructure. Any school of economics will tell you this, unless you are a graduate of the Glen Beck University, or got your economics degree from University of Phoenix Online.

Empty rhetoric doesn't help the economy. If you don't how the world's largest economy functions, I suggest that you keep your political bias to yourself, and stop commenting on the economy. Your "thoughts" on the economy are better suited for half-baked economic forums at Fox.

December 27, 2011 at 3:28 pm |

Bert in UT

Why is the national debt only a problem when there is a Democratic president? Under Bush it was Chaney who said "Regan showed deficits don't matter".

December 27, 2011 at 3:52 pm |

Jon

He wasn't "anointed"...he was elected...

December 27, 2011 at 4:06 pm |

Scott

@Brian: Letting tax cuts expire ignores the real problem. The federal government spends 100 times more than it would if it were truly bound by the Constitution. This is not a simple budgeting problem. It's a problem of out-of-control central power. We should ask what the federal governments role should actually be, and only then determine how much it will cost and how to fund it.

December 27, 2011 at 4:07 pm |

ConcernedDad

There are as many arguments in favor of the President's policies as there are against. The issue with the explanation of using infrastructure spending to spur the economy is we will reach a point of equilibrium where service on the debt will exceed the incremental revenue gains. While we are not in a new problem, the scale of our current problem defies the existing models. Increasing taxes on the wealthy will be a symbolic gesture and not seriously reduce our debt. The only real solution is most likely austerity measures with revenue growth through growing the tax-base (Keynesian economics). Forget the politics; we are in serious trouble and the lack of leadership (and wisdom) by both the President and Congress are compounding the issue.

December 27, 2011 at 5:08 pm |

ARTraveler

Well, President Obama tried to cut down the rate of government deficits but the Rethuglicans are so damn ready to make sure their rich friends don't have to pay more taxes. The only way that President Obamna could have stopped the bleeding (somewhat) of the budget would been to have stopped the war immediately upon taking office and fired all the military contractor immediately.

Bush started two wars-one totally unnecessary based on lies. If the Rethuglicans are so "gung ho" to get rid of the deficits, I guess they will go along with allowing the Bush tax cuts to just die next year. Want to bet they don't want to do that? You get deficitts by stupidly cutting taxes at the same time you double up on expenses and calling them "off budget" doesn't make them go away. Where were all of those fisically conservative ReTHUGlicans then? They were just urging more guns and more spending on the military. Military spending is the ReTHUGlican stimulus plan and these are their donors!

You get rid of the deficits by taking the tax rates back to the Clinton level for a slow fix or the Reagan tax levels for even faster. You won't see a Rethuglican asking for that as Koch would destroy them.

December 27, 2011 at 6:05 pm |

Larry

Now we are getting somewhere, the comments/replies are starting to replicate how our congress acts....hum, who is parroting who? lol
Us silly Americans just don't get it!!!

December 28, 2011 at 2:13 am |

criticalthinker

re: jerry

Duh – The debt ceiling was IMPLICITLY set the day Congress voted to approve the budget whose spending will cause it to be exceeded.

An obsolete law requires that Congress EXPLICITLY affirm that number, and Obama as chief executive has to remind Congress of their duty.

Are you suggesting that Obama is wrong for doing what every president since the law was passed in 1917 has to do?

December 27, 2011 at 2:27 pm |

kmmalone

Dude...the President suggests a budget...Congress approves it. At the end of the day, all spending is the responsibility of the Congress...they can override any veto. Also, note that the President has to spend all money appropriated by Congress as established in the legislation.

December 27, 2011 at 2:32 pm |

Sheila

OBAMA HAS SPENT TEN TIMES WHAT GEORGE W. BUSH DID IN BUSH'S ENTIRE TWO TERMS... AND IT'S ONLY YEAR THREE FOR OBAMA!

Obama you are seriously trying to destroy anything left of this country to make you look better than the next president. I can hear him stomping around saying, if I cant have this country, no one can have it. VOTE THIS CHICKEN NUGGET OUT OF OFFICE!!!!!!!

December 27, 2011 at 2:34 pm |

Steve in Denver

Is Obama a communist or socialist? I can't keep you mor0n's stories straigh. And, with bush's two rounds of tax cuts contributing more to the nation's debt than any other factor, wouldn't bush be the communist/socialist? A recent university study found that faux news viewers were even less informed on current events that people who watch no news at all. You are Exhibit A.

December 27, 2011 at 2:35 pm |

Dan, TX

Obama is neither a socialist or a communist and if McCain were president the economy would certainly be much worse and the debt would be higher. Or if you can point to something McCain would have done different than Obama let me know.

December 27, 2011 at 2:51 pm |

obamonkey

You are complete ass clown.

December 27, 2011 at 2:54 pm |

FelixCat

Steve: You're wasting your time. Most of the Fox News viewers didn't see that study, and those who did didn't understand it.

December 27, 2011 at 2:54 pm |

CantStandLiberals

Can we really afford 8 years of going backwards and a teenager in office blaming everyone but his own administration? If Obama get 4 more years it will be more of the same blame game...GOP and Bush. Corporate Jet owners......rich folks..blah, blah, blah. Have fun in Hawaii you lame duck freeloader. You have done nothing but have nice vacations and party's while the American people suffer. Worthless community organizer!

December 27, 2011 at 3:03 pm |

Degrin

If McCain was prez, we would be at war with Iran right now.

December 27, 2011 at 3:13 pm |

Tommy

Dan. . . He wouldnt have passed Health Care which is going to cost us a pretty penny. Also he wouldnt be taking 17 day Vacations at our expense. Maybe you should wake up and look at Congress who doesnt have to follow anything they pass. They make a career out of getting paid off. You need to stop blaming bush and actually think for youself. Otherwise you are a helpless drone!

December 27, 2011 at 3:21 pm |

Gabbo

He's an AMATUER – an unqualified amatuer ! Who would dream of electing someone who's lifetime accomplishment was a Community Organizer ? This fool needs to leave, immediately.

December 27, 2011 at 3:43 pm |

Scott

@Dan, TX: Yes, the debt would be a huge problem under McCain as well... because both Obama and McCain are statists that believe in massively centralizing power rather than distributing it back to the people.

December 27, 2011 at 4:08 pm |

Eric RN in Denver

Steve... FIRST of all, you are not a native... it shows. Second, YOU are EXAMPLE "A"' of microbes and lower life forms that take in and consume news from the likes of CNN and MSN. LEAVE Colorado and return to where you came from...probably the land of Pelosi, fruits and nuts...California!

December 27, 2011 at 4:56 pm |

Chris

A "study" that was done by a radical left wing extremist propaganda network "NPR" which is as left wing as CNN.
Yeah real credible study. LOL

December 27, 2011 at 5:23 pm |

JDavis

Obama is neither socialist nor communist; he's a big-government, spendthrift Republican. The only candidate who isn't is Ron Paul.

December 27, 2011 at 5:49 pm |

trumantiger

quit spending money....

December 27, 2011 at 6:37 pm |

robert

Seems too many people don't know the difference between debt, deficit, revenue and expenditures. The Bush tax cuts did not create a single dollar of debt, deficit or expenditure becuase this is not a line item in budgen calculations. Between 2000-2008 revenues dropped for 3 years and this included the effects of 9/11, but after 8 years, revenue was about 25% higher than 2000 which also exceeds the given inflation rate for those same years. So had the government not added so many other expenses, we would still have some deficit, but not nearly this level and Obama has increased it even more in comparison. So blame But for the excess spending all you want, but the tax cuts overall had little impact. There should be no expectation that tax growth exceeds inflation and allowing it to do so is unsustainable as a practice.

December 28, 2011 at 1:30 am |

Lizzie

You're spin is priceless, do you think for one moment when you spread a lie you won't be called on, Fox viewer know more about the current state than those who watch the so-called main stream media.

December 28, 2011 at 12:00 pm |

jim

You do realize that the Republicans already approved of this increase over the summer by legally forfeiting their ability to stop it.
You do also realize that raising the debt ceiling isn't any more money than CONGRESS already mandated be spent. Money is only allocated for spending by acts of CONGRESS.

December 27, 2011 at 2:37 pm |

strangerq

Debt ceiling doesn't spend a dime.

It only authorizes you to pay what you owe – like the money the GOP wasted on Iraq.

GOP is a joke. They will never beat the President in an election.

December 27, 2011 at 2:38 pm |

Tito R

Seriously Obama is making this mess? You do realize they are getting the financing that is neeeded for the past spending that Obama cant just revoke?

You people talk / act like Obama is just charging up our credit cards. He is trying to PAY FOR WHAT HAS ALREADY HAPPENED WHILE TRYING TO KEEP US AFLOAT.

Where were you people bitching about money when we were throwing 1.2 million dollar cruise missles at Iraq like its rice at a wedding?

Get a grip

December 27, 2011 at 2:38 pm |

jim

"another nail in the obama coffin... never seen a Marxist who didn't love squandering the countries wealth."

I've never seen a conservative/republican on this website with a good understanding of how our government works.

December 27, 2011 at 2:39 pm |

Willy

Jerry, if you honestly believe Obama is a marxist, then you probably have little to no understanding of politics.

You're probably one of those guys who has no idea what most of the political words you say mean.

December 27, 2011 at 2:46 pm |

Cyrus

Interesting. It has nothing to do with our wealth. The debt ceiling has to do with the IOUs (i.e. if we can pay our bills). The administration has already cut spending and continuing to do so. However, with the GOP obstruction, the economy is not bringing in enough revenue to offset the debt. If the GDP continues to grow at a higher rate, the debt would come down within 10 years or so. But before we get to that, we need to continue paying our bills.

Whether you like Obama (and from your comment, I am certain that you don't) or not is besides the point. Economy doesn't follow one's political bias. If we default as a country, the miseries that will follow will not effect only democrats, but Republicans and independents alike. We need to approach this in two ways a) continue paying our bills, b) keep the economic growth steady. I am simplifying the problems, of course. But the course of action that is needed is not simple at all.

One more thing, when a president, any president, adopts economic policies, the impact transcends his presidency. Just because Pres. Bush is no longer in office, doesn't mean that the country is not paying for the unpaid for bills. You can push it under the rug by saying, "It's Obama's economy now". But that is a naive argument at its best. Trillions have already been squandered and owed during the 8 years of the last administration, and we are still paying for it. The IOUs are still being honored and chances are, whomever is the next president, will have to honor these IOUs no matter which political party you support. This is not about Marxism. This is about our economic continuity.

P.S. Marxism is a social theory, and Obama & Co. are anything but Marxist. Sometimes I think, Obama has been the best Republican president since Reagan.

December 27, 2011 at 2:48 pm |

Alison

Amen! Great post.

December 27, 2011 at 2:51 pm |

Brian

Exactly. Raising the debt ceiling is the only option at this point. However, what also has to happen is the Bush tax cuts needs to expire, to be sent off into the sunset never to return. Conversely, the only thing to combat the increase in taxes is for folks to be gainfully employed. The main contributor to that would be the lowering of corporate taxes. Bring corporate money and spending back to the US. Whether people understand it or not, healthcare is going to be a main cog in this, because employer backed health coverage will go away. A whole new healthcare insurance market will emerge, stimulating consumer demand and driving competition, thus driving down costs to businesses and the end consumer. The one's fighting this tooth and nail are the ones with the least to gain, and that is the 1%.

December 27, 2011 at 2:56 pm |

Thelookingglass

Cyrus just took Peter Fox Blues to school! Where did peter disappear to? Oh, there he is slithering out the door.

Cyrus: Another completely out of touch post from another out of touch lib. Hmm, if my house is on fire, I think I'll pour GAS on it. Or if the ship is sinking, stop bailing? You people are gonna BURY what's left of this country!

December 27, 2011 at 3:04 pm |

ddblah

well said!
Very unfortunately, US voters have rather short memory on anything. Instant gratification is the only thing that the voters are looking for, I guess that's why steroids are getting popular these days :).

December 27, 2011 at 3:13 pm |

Cyrus

I don't think that voters are completely clueless. I do think that the GOP has a better PR agent than the Democrats. As the saying goes, "If a lie is worth telling, tell it smartly." Repeat it enough times, and myth becomes facts. Data becomes "debatable", propaganda becomes policy.

December 27, 2011 at 3:17 pm |

skysgirl

Well said

December 27, 2011 at 3:18 pm |

ddblah

Cyrus, well said again!

December 27, 2011 at 3:24 pm |

Woody1

Obama has not cut spending......His administration has has increased non-defense discretionary spending by 80+% if you include the stimulus....If you not include the stimuls then its 26%. This is comparing 2008 to 2010.
http://www.politifact.com/virginia/statements/2011/jun/10/robert-hurt/robert-hurt-says-some-federal-spending-over-80-per/

December 27, 2011 at 3:25 pm |

Anfscd

I'm just curious Cyrus, where has Obama made cuts? Baseline cuts or real cuts?

December 27, 2011 at 3:29 pm |

Juan

You see there? Now that is what’s wrong with this nation as well as all others that follow it. This government is spending what it DOES NOT HAVE (and simply cannot have in the future)! There are billions of dollars that are being spent on frivolous crap… seriously. Research it!

So, let’s put this into simple perspective… Would YOU spend money that you don’t have? And keep spending and keep asking for credit limit increases? And then ‘caput’! You default. You get so far deep into debt that every attempt you try to pay off is only applied to the ever-perpetuating (or rather accruing) interest rates until it literally becomes impossible to pay-off. That is exactly what is happening now. And if it does not stop…CAPUT! There goes our country (our world for that matter).

December 27, 2011 at 3:39 pm |

Charlie

"..when a president, any president, adopts economic policies,..." Therein lies part of the problem. Some people think the Government is so powerful that it can control a chaotic system like the Economy. Economic policy does not affect the economy, it only affects what the people have left.

December 27, 2011 at 3:41 pm |

Charlie

"..the impact transcends his presidency. .." If you believe that Presidents can affect the economy then this holds true for all Presidents. In fact, one could argue that the economic policy takes 10 to 15 years to have an effect on the economy. A classic example of this occurred in October of 1929. Approximately 15 years earlier the income tax was created, and within a couple of years the top rate went from 7% to 70%; all of which lead to he collapsing of the economy.

December 27, 2011 at 3:46 pm |

Mike J.

Couldn't agree more, Cyrus. GWB spent and spent and spent, then left office and stuck us with the bill. And now Obama is a bad guy for trying to pay the bills that GWB's administration stuck us with, while also trying to save the economy that GWB and his cronies nearly destroyed. And the same people who didn't make a peep when GWB was spending beyond his means are freaking out now that Obama is trying to make good on our debts. Truly remarkable.

December 27, 2011 at 3:47 pm |

Cyrus

Charlie: I have a different take on your comments.

Economic policies do effect the economy, as it not only impacts what the people have left, but also they might have down the road.

Secondly, there are long-term and short-term economic impacts of every policy. For example, if inflation is allowed to rise by a couple of % points, unemployment will fall by at least 3% by the end of 2012. (Inflation and unemployment have inverse relationships.) That would be a short-term economic policy. The long-term economic policy, for example, would be to reinvest in infrastructure that would take 5 to 10 years to build, but guarantee job creation, secondary and tertiary market activities, and so on. These long term policies are what gets out of trouble. Think about the transportation and roads/highways revolution that happened in this country immediately after WWII. It not only changed inter-state commerce, but ensured jobs for millions.

Lastly, I do believe that presidents have a significant role in shaping the economic policies in this country, and therefore, the long-term economic continuity of this country. From what it seems, Obama & Co. is just trying to "hold the fort" for now. So far, I haven't seen any economic vision from the President that would pave the way for our economic prosperity. Not sure if it's lack of political will or just lack of vision. Either way, as an economist, I find the actions, or lack thereof, to be too cautious to make an impact.

December 27, 2011 at 3:59 pm |

Shawn

It's funny how people love to blame Bush for all this... but how easy they forget that under his watch the economy had a record 6 years of a bull market, never before seen under any president. Granted some of that growth was due to policies from the Clinton era, (the same policies that led to all these home being foreclosed on and the housing market crash). But everyone also seems to forget that the wars were not Bush's alone... a president can not go to war by himself. Ironically enough, the Democrat controlled Congress is the one that approved the country to go to war. So maybe we should blame THEM for the war and the debt that goes along with that?

December 27, 2011 at 4:03 pm |

Scott

The administration has -not- cut spending at all. It has cut proposed future increases in spending, which is an entirely different thing. One could claim "cuts" all day by inflating proposed future budgets astronomically, and then "cutting" the proposals. It's a joke. Spending is more this year than it was last year... and the year before, and the year before. There are no actual spending cuts. To call it as such is disingenuous at best.

December 27, 2011 at 4:11 pm |

osiriss

who was in charge of senate in bush's term?

December 27, 2011 at 4:28 pm |

chris

Marxism's war against capitalism contradicts your statement that it's a social theory.

December 27, 2011 at 5:40 pm |

ARTraveler

Congress SPENT the money and all the president is doping is asking for permission for Treasury to pay the bills. The ReTHUGlicans need to watch out since a lot of those bills are owed to their supporters. But if they will identify suppliers to the military that we shouldn't pay, I am sure that Treasury would certainluy comply. I suggest start with Halliburton and cut off Cheney's money stream.

December 27, 2011 at 6:10 pm |

Dale

I agree with Cyrus. Also, I believe we are still paying interest on debt created from the Civil War, since the national debt has accumulated from the country's inception. Should we also blame Abraham Lincoln?! As yet, I see quite a bit of tussle over who to blame for fiscal policy but no mention of monetary policy. Without the Federal Reserve and fractional reserve banking, money (credit) could not be created out of nothing and then spent on whatever politician's want. By adopting the Federal Reserve Act and abrogating the gold standard, politician's (from either party) have a blank check to spend as long as our debt is accepted. That too will reach a terminal point which is doubtless close at hand.

December 27, 2011 at 6:18 pm |

Cyrus

Chris: "Marxism's war against Capitalism"? Dude, the Cold War is over. There's no Marxism fighting capitalism. The conflict was between Communism and Capitalism. Not Marxism and Capitalism. Marx himself warned against communism and socialism in his writings. Pick up a book or two, every now and then. And I don't mean, Wikipedia.

December 27, 2011 at 6:25 pm |

nugun

They haven't made a single cut to the budget in decades.

We're spending ourselves into oblivion. Our debt now equals our GDP. That means, if we took every penny that EVERY American made. We still could not pay off our debt.

Take a moment and think about that fact.....

December 27, 2011 at 11:23 pm |

Cityguy

Are you insane? First he wants to remove the Bush Tax Cuts. Then when he gets stopped, he says he didnt raise your taxes. Thats a bit neurotic. Then he robs Social Security by cutting its funding and says "We need to raise taxes! We need to raise taxes!" and he gets stopped. What has he cut? I mean, every other word out of his mouth is RAISE TAXES, and you guys applaud him for NOT RAISING them– when that is what the Republicans have done!

Of course then you guys go off on how Profitable it was under Clinton and jobs created under Clinton. But you conveniently forget that there was DOT. COM frenzy, which went belly up and HUNDREDS lost their jobs because Clinton era economics were unsustainable! But you conveniently forget that part of Clintons Legacy.

The point is, Democrats talk a good game, but are short on reality.

December 27, 2011 at 11:52 pm |

John

You libs need to get off the Media matters website. I finally get it – when you libs refer to Fox news you are talking about the Media matters spin of Fox news. That crap is getting a subsidy from taxpayers? I'd like to say you libs are priceless, but it always seems you libs have your hand out or in a pocket of a taxpayer.

December 28, 2011 at 1:16 pm |

Peter

I love team cheerleaders and their selective memory. Reagan raised the debt ceiling 17 times. George W. Bush raised the debt ceiling 7 times......THREE TIMES IN HIS FIRST TERM ALONE! EVERY President from BOTH parties have raised the debt ceiling over and over again. Why some of you think this is some kind of radical move by Obama must have zero knowledge of history. And yes, each time, the ceiling is higher and higher. Bush had the record before Obama. Clinton the record before Bush. Bush 1 before Clinton.

December 27, 2011 at 2:50 pm |

CantStandLiberals

Yeah but Reagan pulled us out of depression like symptoms that he inherited from carter. Obama created his own and is making it worse.

December 27, 2011 at 3:05 pm |

Tommy

Obama has spent more than all other Presidents combined. . . I bet its Bush's fault

December 27, 2011 at 3:22 pm |

Juan Carlos de Burbon

Ronald Reagan isn't the President anymore. And debt as a percentage of GDP went from 33.4% to 51.9%. With Obama in office it has risen from 69.4% to 93.2%. In 2011 it's estimated that it will rise to 102.6%. It's clear that Obama isn't fiscally responsible.

December 27, 2011 at 3:46 pm |

Chris

Even Reagan raised the debt ceiling 17 times in 8 years. Far too many uninformed people posting about this.

December 27, 2011 at 3:50 pm |

Cyrus

102% relative to what? What are you comparing it against? the GDP? real income? GNP? What's your base-year?

105% of the people exaggerate statistics all the time. See, how it's done?

December 27, 2011 at 6:23 pm |

Midwestmatt

Juan Carlos de Burbon- Guess what? Only the Congress is allowed to raise revenues and to spend them. The POTUS can only veto a budget in its entirety (thank you, no "line item veto" decision). The POTUS does not set the budget nor determine it. That lies solely with the Congress and they alone are responsible for the level of spending we're seeing.

Nice try. No, actually, awful try.

Fail.

December 27, 2011 at 8:57 pm |

graspoftheobvious

Peter..excellent point and true. Every president has raised the debt cieling, and almost every time it is to record-breaking levels. I wonder, what could be different about this president from all others? Hmm what could it possibly be that changes a basic, standard practice of all presidents from either party into something menancing?

December 27, 2011 at 9:04 pm |

Lizzie

You're right, but not by the amounts Pres.Obama wants to raise the debt ceiling. 1 trillion at a time. If they would have we would be way over 20 trillion by now, but don't worry under this administration we will get there soon enough.

December 28, 2011 at 12:09 pm |

jean2009

Ronald Reagan worst president of my 76 years.

December 28, 2011 at 5:55 pm |

Cmoore

Yeah it's Obamas fault the Republicans refuse to work with him. You think with America being where it is that the republicans would do anything in their power to make it better. But I guess just doing nothing makes Obama look bad? Those repubs really really really want power back and are willing to sacrifice all us poor people to get it back. I mean who wouldn't want republicans back in total control they did so many good things last time they had control...like that war!

How about we elect a middle class income president that doesn't have lobbyists in their pockets? CUZ THIS IS FUCKING AMERICA WE PRAY TO THE GOD OF MONEY. Also, lets elect a president that isn't bound by their belief in god so they can make logical decisions based on reason rather then decisions based on blind faith and an imaginary friend that apparently cares about football players scoring touchdowns.

December 27, 2011 at 2:50 pm |

Thelookingglass

Jerry sit down and stop shooting yourself in the foot. How else will this economy survive, Oh, that's right the job creators, Oh, that's right, they create jobs abroad, thus creating the need for big government to sustain the fallen.

December 27, 2011 at 2:50 pm |

Cyrus

One more tax cut and prosperity will certainly trickle down their legs. We are a prosperous nation because of the tax cuts of the last decade, remember? We should just continue the tax cuts and the benevolent millionaires and billionaires will soon hire the rest of us to clean their toilets. Jobs will ensue, milk and honey will flow, the working class Americans will soon roll up their sleeves, work, and send their children to weave baskets. Just one more tax cut!

December 27, 2011 at 3:15 pm |

chris

Hmmm. A major component of Obama's jobs package is stealing 2% from social security. The anointed one is claiming tax reductions are creating jobs. Why don't the minions agree?

December 27, 2011 at 5:42 pm |

Cyrus

The educated "minions" who understand economics would never agree. Obama's tax cut proposal is asinine. It's a political giveaway in exchange for cooperation from the GOP. Nothing more, nothing less.

December 27, 2011 at 6:21 pm |

Kamikaze

You do realize that Marxist's views are more in line with today's Republican party then democrat. No you wouldn't know that because you're not very bright.

December 27, 2011 at 2:51 pm |

MartyGRMI

You've never seen a Marxist.

December 27, 2011 at 2:54 pm |

marc

let me tell you what has mess this country up wealth up the bush tax cuts

December 27, 2011 at 2:55 pm |

Pips

Sorry, Jerry. Obama is an outright Capitalist. What you're seeing is nothing that can be considered Marxism or Socialism. It is 100% pure unrestricted Capitalism. Which is failing.

December 27, 2011 at 2:56 pm |

dabu

I am surprised you can type and use a computer. It doesn't seem you understand basic terms like a Marxist, socialist and the like. No wonder our country has elected officials like the reps. KIng (both from Iowa and NY).

December 27, 2011 at 2:56 pm |

halaniceguy

What wealth? We are broke.

December 27, 2011 at 2:57 pm |

poipounder

He isn't Marxist you ignorant baffoon

December 27, 2011 at 3:00 pm |

It's The Stupidity, Stupid

"Over the next 10 years, the Bush tax cuts if made permanent will contribute more to the U.S. budget deficit than the Obama stimulus, the TARP program, the wars in Afghanistan and Iraq, and revenue lost to the recession put together."

-Center on Budget and Policy Priorities

December 27, 2011 at 3:02 pm |

jean2009

Right you are!

December 28, 2011 at 5:58 pm |

Mike

Hey DD...The money that Bush spent on Iraq is LITERALLY a drop in the bucket compared to what your boy has spent. When will you idiot Dems get that through your head? A DROP compared to the war. Got it??

December 27, 2011 at 3:03 pm |

jean2009

The True Cost of the Wars $4 to $6 trillion....try the Daily Bail website which states the Iraq War Ends With a $4 Trillion IOU @http://thedailybail.com/home/iraq-war-ends-with-a-4-trillion-iou.html
or try The Three Trillion Dollar War: The True Cost of the Iraq Conflict by Linda Bilmes in the book section @Amazon.com, or try the article a Stripes Central-Study: Wars Could Cost $4 Trillion to $6 Trillion by Leo Shane III on September 29, 2010.

So another clueless brainwashed Fauxer.

December 28, 2011 at 6:13 pm |

Just a minute

It might not have been needed if the debt committee had approved real cuts.

December 27, 2011 at 3:04 pm |

Tyrone

You're a complete f'ing moron who is uneducated and has no clue how economics or finances works in this country. You're probably in $30k credit card debt with your high school education for which I'm sure you also blame Obama for both of those as well. Reagan raised the debt ceiling 17 times you nitwit.

December 27, 2011 at 3:04 pm |

jean2009

Reagan was the worst president of my 76 years...W is running a close second.

December 28, 2011 at 6:32 pm |

Mr. O

LOL...There is no way Obama doesn't get re-elected in 2012. Have you seen the republican field? it's truly a joke not to mention all the crazy tea baggers cannibalizing the the party. YES WE CAN!!!!...lol..republicans don't stand a chance.

December 27, 2011 at 3:10 pm |

Dan, TX

A house divided can not stand. We are divided. If we don't raise taxes AND cut social security and medicare, we will become non-competitive in the global economy.

December 27, 2011 at 3:13 pm |

4 More Years

Hey Jerry!!! You've never met a marxist!!! Go back into your little spin cave and try to think up something else.

December 27, 2011 at 3:14 pm |

Chris, Austin

Google: "Obama Bush effect deficit Washington Post."

Top hit.

Bush was a Marxist? Or maybe you just don't know what you're talking about.

December 27, 2011 at 3:15 pm |

jeff

Yep, like the 11 times it was raised during the Bush administration? For the unfunded wars and Medicare part D? The Bush tax cuts etc. etc. etc.

December 27, 2011 at 3:19 pm |

DeeNYC

Normally it would be the nail in his coffin but the GOP line up is so pathetic, and the recent antics of the GOP congress basically telling middle class america F**K YOU! I don't see obama leaving office. Good job pubs.

December 27, 2011 at 3:24 pm |

DeeNYC

Normally it would be the nail in his coffin but the GOP line up is so pathetic, and the recent antics of the GOP congress basically telling middle class america to drop dead! I don't see obama leaving office. Good job pubs.

December 27, 2011 at 3:25 pm |

Fat Jeff

screw Obama! Let's get on with the depression already, the sooner it happens the sooner it will be over. This guy has ruined this country beyond repair already. Let the race wars begin.

December 27, 2011 at 3:28 pm |

Marc

Pay attention. Congress agreed to this last August (remember when our credit rating went down because the Tea Party supports default?). For conservatives – this is what you get when you spend a couple of trillion or so on a war while simultaneously buying votes with lower taxes. Now, wasn't getting George Bush re-elected worth it? Recipe for economic failure: 1. Cut taxes. 2. Start a couple of wars. 3. Deregulate banks. 4. Let Goldman Sachs plunder..and then get paid 100 cents on every dollar "lost," thanks to government guarantees they exploited. 5. Draft a political movement for ignorant yokels so that the perpetrators can regain power. Conservatives won't be satisfied until this country is destroyed.

December 27, 2011 at 3:32 pm |

Lizzie

Don't worry this administration and the democrats are doing a pretty good job.

December 28, 2011 at 12:12 pm |

xyz

1) How do you know that President Obama is a Marxist? 2) What government spending would you cut to balance the budget? 3) Would you be in favor of eliminating social security payments for anyone not yet 65 years old? 4) Would you be in favor of legalizing marijuana brownies to be sold by the federal government to raise revenues?

December 27, 2011 at 3:36 pm |

Mark

Yes, Obama has refused to cut one dime to pay for any new bill and the media blames congress for trying to reform

Good luck America!

December 27, 2011 at 3:37 pm |

Allen Gingrich

Obama has overseen the largest deficit reduction in our nation since Clinton and Gingrich.

In fact, he actually pushed for a 3.5-4 billion dollar reduction that House Republicans promptly blocked, instead pushing a 1.5 billion reduction. It's sad when Democrats are both the tax-cutting party as well as the deficit cutters.

December 27, 2011 at 7:34 pm |

BobZemko

Is that how the others in your trailer park feel?

December 27, 2011 at 3:39 pm |

Peg - Az

If you look at all the budget years that Bush signed, he added 6 trillion to the budget, and left us with more than 11 trillion in debt. Considering that Clinton added only 1.5 trillion over the same time frame, and by the end of his term had on-budget surpluses, that were reducing the publicly-held debt, that is astounding that Bush added so much, because there was no reason for Bush to engage in hundreds of billions a year in deficit spending and add all of this to the yearly deficit and debt, because he had inherited a great economy that could easily have raised enough revenue to cover the wars and because the policies in place were already covering the basic budget. Instead, Bush greatly cut taxes and increased spending. 700 billion a year is now lost due to our low revenue to GDP, 14.9%, as compared to Clinton's 20%. In addition, far more than half of our increases in spending (extra 400 billion a year) is from increases on defense spending) Obama is still saddled with both of these things that were begun under Bush, that are adding 1.1 trillion to our deficits and debt every year. Because of the economic crisis, and the wars, there is little he can do immediately to fix the problem without harming the fragile economy. However, this was not true when Bush was president. If Bush had continued the Clinton policies, Obama would have inherited 6 trillion less in debt, and would not have had to continue with Bush's deficit policies in order to appease a fragile economy. Any new relief for the economy would have had the potential for a larger effect as well.

December 27, 2011 at 3:45 pm |

BitPilot

You seem to forget that Clinton had the benefit of Reagan and Bush senior policy that set the course for strong economy and employment that powered the US growth for over a decade. Then Clinton started his mess and we have been on a downward spiral ever since.

December 27, 2011 at 4:30 pm |

john

In the year 2000 there was a recession and internet bubble busted. In 2001, there was 911 attack, markets crumbled, Afgan war, enron collasped, unemployment was around 6% and growing. Republican congress and Bush policies brought back our economy from depression. unemployment down to 4.2 in 2006, stock market rallied back up over 13000. GDP over 4%. 52 straight month of job growth. Jobs created 300,000 to 500,000 per month. When democrats took control over the house and senate in Jan of 2006, everything went down. Unemployement numbers went up, gasoline prices up, debt and deficit skyrocketed, housing and banking collapsed, market took a nosedive. When republicans took control over the house and said no President over his spending binge, the economy started to have little bit of life again. A strong republican house and senate in 2012 is needed to revive our economy.

December 27, 2011 at 4:53 pm |

sammy zoso

Well said.

December 27, 2011 at 5:27 pm |

Franky

The year 2001 recession was a joke, not 2000, it lasted 2 quarters, and was a .3% shrink in GDP, if it wasn't a real recession despite the bursting of the dot bom bubble. Most economist argue if not for 9/11 we wouldn't have had a recession at all, a recession doesn't not mean slow growth which is what we experienced with the dot bom bubble, it means an actual reduction in GDP 2 quarters in a row, by definition. WE didn't see that until after 9/11. And even then it was still extremely minor. To contrast the REagan Recession was a 2.6% reduction in GDP, the Great Recession of 2007-2009 was a 6% reduction in GDP 3x's larger than the REgan REcession and nearly 20x's larger than the dot bom, faux REcession. By the way if you were wondering the Great Depression era recessions of 29-31 and 37-39 were 30% and 18.75% respectively in reduced economic growth. Bush's debt was as result of fending off recession, it was his tax cuts for the rich were 2001,2003,2006, total cost so far $4.5 trillion and counting, plus 2 wars $1.4 trillion ... and the recessionbegan in 2007 sharply reduced government revenue after we had already cut taxes (never done before in US history during war time). Bush's debt was a product of mismanagement of good economic times. You can't cut taxes and go to war, and you can't cut taxes and not reduce spending, which is exactly what Bush did. The Recession hitting made it that much worse because we didn't have the revenue in place to deal with it. It was a perfect storm. No single event would have been enough to impact the US economy, if we hadn't been at war, and hadn't cut taxes , the recession wouldn't have meant nearly as much.

I just wanted to point out to argue that Bush saw a recession in 2001 is a joke he did not, the economy kept growing and we did not have massive layoffs, like we saw from 2007-2009 which was the worst recession since the depression era recession of 37-39.

December 27, 2011 at 5:47 pm |

jean2009

@John Oh what rosy glasses you must wear when looking at the past administration.

First take that 2000 recession you are touting. To be a recession the economy has to have two quarters with negative growth....Didn't happen.

The peak of a cycle of expansion occurred in early spring of 2001. The Bush Administration wanted to try to walk that date back to the Clinton Administration, but that is not the case. I would suggest reading: "No Recession in National Unemployment Data for April 2001"....@http://www.incontext.indiana.edu/i2001/april01/news.asp While you are looking at the graphs at that site notice that the unemployment rate was 4.0 when President Bush took office and edged up to 4.2 and by the time he left office jobs were melting at the rate of 800,000 per month...and the economy was on its way over the cliff.
As for your take on the stock market that was a bubble that was bound to crash...basically due to 9/11 and the uncertainty that created, plus the bad policies of providing big tax breaks and not funding two wars.

Believe me the fact that the Democrats held the house from 2007 through 2008 had nothing to do with what happened since the Senate was at a total deadlock 49/49 and 2 independent. Or, do you want to suspend rational belief and think anything the house passes the Senate automatically passes?

Mostly this current House and Senate have been a road block to any improvement to state otherwise is to totally suspend rational thought.

December 27, 2011 at 6:36 pm |

Rick

Clinton never had a budget surplus, go to the Treasury and read the actual figures instead of spouting the pripoganda that the liberal news spreads.

December 27, 2011 at 6:37 pm |

Fins

Peg, I am ashamed to live in the same state with you. You are so ill informed it makes me vomit there are idiot voters like you. Obama has sent the debt from 11 trilloin to 15 plus in only 3 years!!! What don't you get?

I can only guess you are another welfare child of the dumocracts or an overpaid government """""employee"""" (coffee drinker). By the way, learn how to write and use a paragraph now and then.

Your ignorance permeats the air I breath!!!

December 27, 2011 at 7:27 pm |

Bert in UT

After falling for over 30 years, the federal deficit as a percent of GNP started increasing under Regan after his tax cuts and no decrease in spending. It has been up ever since except for a brief decline under Clinton. Bush II started 2 wars and medicare drug benefits without even pretending to pay for them. Obama was handed the Busn-wrecked economy which he is slowly fixing.

Historically, Republicans have been the don't-tax-but-spend-anyway party for 30 years. How's that trickle-down economics workin' for ya?

December 27, 2011 at 3:46 pm |

jean2009

@Bert I think that should read "don't tax but borrow to spend anyway"

December 28, 2011 at 6:40 pm |

Tom

I love how people justify this president's reckless spending by pointing to the previous reckless spender. As if that makes it alright. As reckless as Bush was with our money, Obama is making him look like a spendthrift!

December 27, 2011 at 3:46 pm |

jean2009

This president isn't recklessly spending he is basically paying on the debt and paying the interest on the debt racked up during the last administration.

December 28, 2011 at 6:42 pm |

thepointis

The point is for what specifically we need to raise the debt ceiling this time. We like to know. We can not take back the past but we do need to make sure that the money is spent in the right place now and this time. Please tell us.

December 27, 2011 at 3:56 pm |

Sunny

Here we go again, more Republican politicking, pretending like they didn't do this NUMEROUS times under Bush, and Bush's daddy, and Reagan. Funny how OUTRAGEOUS something becomes when a black man asks for it.

December 27, 2011 at 4:00 pm |

Back@U

We'll let him have $600 Billion for his "White" portion...

December 27, 2011 at 4:16 pm |

T Money Madness

I don't think too many people are arguing that the Republicans did not leave us with the best economic situation after they lost control, but what the Conservatives are saying is that not only has our debt/economic status NOT improved, but it's gotten considerably worse during Barack's tenure. This is no longer a matter or Left vs Right. It's a matter of idiocy vs. prudence.

December 27, 2011 at 5:18 pm |

j0eschm0e

we were 4.3 trillion in debt when obama took office. now he's pushing to take it over 15 trillion. he has spent more than the whole history of the united states over 200 years "combined"

December 27, 2011 at 6:41 pm |

Lizzie

Throwing the race card out, because you have nothing to say makes you a bigger racist.

December 28, 2011 at 12:15 pm |

jean2009

@jOeSmOe ....your math is way off. We were $10,626 Trillion dollars in national debt the day President Obama took office....plus we were hemorrhaging jobs at the rate of 800,000 per month. The two unfunded Wars which were fought with borrowed money will probably (when all is said and done) cost $4 to $7 trillion dollars; and we will be paying off that debt and the interest on that debt for years to come.

December 28, 2011 at 6:50 pm |

Leo

Some higher education to understand philosophical terms and economic theory would seem indicated. By definition and practice President Obama is not a Marxist. Your assertion is frankly absurd and embarassing. The raising of the debt celing does not allow us to spend more, rather it allows us to pay existing bills. It is like a credit card bill for PAST DEBT, which we as a nation obligated to pay. You are entitled to your own opinion sir, not your own facts and definitions.

December 27, 2011 at 4:02 pm |

Z

As though one of these Republican bozos can win an election. Get real.

December 27, 2011 at 4:14 pm |

rep

Except that this exact number was agreed to and expected as an outcome of the last debt ceiling debate agreement–which was to raise the ceiling in two parts $900B and $1.2T (the same amounts are forthcoming cuts).

People's memories are way too short. This is not news.

December 27, 2011 at 4:23 pm |

BitPilot

Spot on brother!

December 27, 2011 at 4:28 pm |

Rationalist

I love how you people think. I'll bet you didn't even know that there was a debt ceiling until 2009, or that beloved "fiscal conservative" Ronald Reagan raised the debt ceiling a staggering 18 times, or that GWB raised it 7 times. Ronald Reagan oversaw the largest percentage increase in the National debt since WW2 and he still to this day holds that title. Supply side economics creates one thing, debt. Keynesian policies have their problems as well, we need to find a middle ground between the two.

December 27, 2011 at 4:50 pm |

Onegood1

Higher and higher it goes. How many votes it will buy, nobody knows.

And you for you brainless liberal airheads, the Iraq war was approved-of by a democratic congress in case you forgot, again.

December 27, 2011 at 4:54 pm |

RH of WI

Learned it from the best...Mr. and Jr. Bush

December 27, 2011 at 4:58 pm |

Hitman

Anyone that thinks that he is not through spending trillions has their head in the sand!

Oh brother...another kook talking about Marxism...one who has never lived in a Communist country like I once did.

December 27, 2011 at 5:09 pm |

RT

Is Obama out of his mind? Can he not see what is happening with Europe? I mean he can be either extremely dumb or doesn't care about the future of this great nation. Obama is THE WORST president in the history of this nation.

December 27, 2011 at 5:10 pm |

Nate Jaeger

We are at the point that we have had no cuts by the Super Committee as agreed for the last debt raise and nothing to come until 2013. The Republicans and Democrats will work together until they can be re-elected in November. We are now just printing money which will start the unbelieveabl inflation late this year. Vote all incumbants out and ignore their reccomended replacements. When our system crashes the insurrection will produce Martial Law. It's going to be very soon.

December 27, 2011 at 5:25 pm |

sammy zoso

You and your fellow clansmen are repetitive in blaming Obama but that's OK? How dumb is that? Last time the the budget was balanced was when? Repeat after me – Bill Clinton. Who followed Clinton as president? Duh.

December 27, 2011 at 5:25 pm |

Chuck in Jasper, Ga.

You have never seen a Marxist at all. The only thing you have seen is displayed ignorance by sock puppets like yourself.

December 27, 2011 at 5:29 pm |

Bob n LA

You've never seen a Marxist in the first place! He has to ask for these ridiculous increases so that Congress can say no and then compromise because he is dealing with infantile lawyers instead of accountants when it comes to our budget.

December 27, 2011 at 5:33 pm |

rightwingnuts

do us a favor and move to russia, you'll love it there.

December 27, 2011 at 5:35 pm |

Franky

First off it's not Obama's debt. That's what people fail to realize. Obama took office in January 20, 2009. 2009 is a Bush Budget year, built into the 2009 Budget was $1.2 trillion deficit. Obama's budget years are 2010,11,12, and 3. Although, Obama has not been able to reduce deficit he has not increased significantly the deficit for this year is $1.25 trillion, only $500 million more than when he took office. The debt keeps rising because we have unpaid Bills from the 2001-2009 which are Bush Budget years, plus the rising cost of MM/SS which is now over $1 trillion in annual cost. People keep looking at this as though Obama is adding spending he's not, he is simply paying for spending we've already done even prior to him taking office, unless we reduce the deficit, which we can not do unless we increase revenue and make cuts, than the debt will continue to grow year after year. So stop talking like it's something Obama added, it's not, remember Congress controls the budget not the president.

December 27, 2011 at 5:38 pm |

Kyle

It's not unbelievable that Bam-Bam would ask for the raise in our debt. It's what progressives do. It's been this way for decades no matter what party is in control. But have no doubt, it IS unsustainable.

@joe dude you need to quit swilling that poison tea...it has messed with your ability to reason big time.

December 28, 2011 at 6:57 pm |

Ann

PLEASE someone impeach this freak, NOW. So sick of the dumbness and stupity of this administration or whatever it is! Bunch of money-spending freaks and thugs.................

December 27, 2011 at 5:55 pm |

j0eschm0e

amen ann amen, or can i say that these days? politically correctness and all

December 27, 2011 at 6:38 pm |

AdmC

Spending is under the purview of congress which is controlled by Repubs in the House and in the Senate via filibuster

December 27, 2011 at 6:45 pm |

NeilsInSeattle

Only Congress, not the President, determines how much revenue the government brings in. Only Congress, not the President, determines how much money is spent by the government. For Congress to enact deficit-spending legislation, then force the President to veto a bill, to prevent Congress' spending from causing the government to default on it's obligations, is just unusually sickening political game-playing.

December 27, 2011 at 7:03 pm |

ArtInChicago

Yeah, Harvard Law school certainly creates freaks and thugs.

December 27, 2011 at 7:41 pm |

conoclast

I never knew a tea-bagger who didn't think posting the same tired Obama-hatred was making some kind of contribution to the dialog.

December 27, 2011 at 6:02 pm |

Not All Docs Play Golf

Jerry, I am a physician who put himself thru school on his own, as my father grew up in a housing project, and my grandfather had an 8th grade education and worked his whole life for L&N Railroad, I am an employer, a job creator, and I pay WAY more taxes than you, and I'm a Democrat. I resent your unearned arrogance.

December 27, 2011 at 6:03 pm |

Unsifted

You're a Dr. not a businessman. Equating all your experience to the donkey's explains how your are a member of the jackasses.

December 27, 2011 at 10:10 pm |

MAES

This is no reflection on Obama, he is merely trying to pay some of the many bills left to him over the 8 wasteful years of W the Waster. Had Bush and his crew not left the economy busted and broken, the nation could be paying with less borrowing.

Had the GOP/TP idiots who were elected in 2010 kept their many promises to work on the economy and on jobs, then again, things might be better. But they did not and they will not. So the economy stays down and remains unable to supply the revenues needed.

To Charlie: Iraq was NOT a response to 9/11. Afghanistan was but had to take a back seat to Bush trying to one up his Daddy. More, despite the lies of the Bush people, the war was not short, the oil there paid for nothing and the Iraqi people neither loved us coming in or leaving.

December 27, 2011 at 6:03 pm |

jean2009

Thanks MAES that is perfect W stands for Waster...George Waster Bush. How appropriate!

December 28, 2011 at 7:01 pm |

Relax

Until we tax the richest 2% of America and close loop holes to multinationals the debt ceiling will have to go up. You cannot pay off debt when you are only paying for the interest. The GOP doesn't understand economics this is why we are in this crisis it can all be attributed to trickle down economics started by Ronald Reagan who noticed and raised taxes 8 times in 8 yrs....if it was good enough for Ronald Reagan why isn't it good enough for the GOP today? I know because the request for taxes is coming from a Democrat then it is just wrong. Bush 1 raised taxes and his party deserted him, Clinton raised taxes and balanced the books and gave it to Bush 2 who squandered every dime and then some and left us with an out of control spending cycle because of two wars and because he REMOVED the cost of the wars from the Budget. At least Obama has the balls to look at the budget in a realistic light. When the GOP is in power they do not even want to talk about reality but they want to force the Democrats to do it after the GOP has had control of the White House, Senate and Congress 28 of that last 40 yrs.

December 27, 2011 at 6:04 pm |

Rick

Clinton never balanced the books. US Treasury, read!!!

December 27, 2011 at 6:34 pm |

Unsifted

How is it that when the leftists had control of both houses of congress and the presidency they didn't even pass a budget. Take your hog and go wash it somewhere else.

December 27, 2011 at 10:13 pm |

jean2009

@ Relax

I agree with you, but trickle-down economics did not start as late a Reagan it started with the economic policies of Hoover....read:Plutocracy: The Trickle-Down Economics of Hoover, Reagan, and W. Bush @davidoffut.wordpress.com. at High Noon on 4.1.2009.

In actuality trickle-down policies started earlier with Harding and Coolidge which were basically to consolidate all money in the hands of the rich, kill unions, and use poor people as slave labor.

Please don't believe the crap about their thinking that a few crumbs would trickle down and help anyone who wasn't rich. Warren G. Harding's administration was probably the most corrupt in history...and currently we have a lot of rich people who want to use the same tactics. And they always start with wrapping themselves in a flag, thumbing a bible, and brainwashing the very people that progressive policies would help. Pure fascist!

December 28, 2011 at 10:13 am |

Lizzie

What budget? The one the DEMOCRATIC senate refuses to put on paper, still waiting 900 days and counting.

December 28, 2011 at 12:17 pm |

linda

Amen, Jerry! Just say NO!, Congress!

December 27, 2011 at 6:09 pm |

altalks21

To jerry, It’s not wealth redistribution, it's not socialism, but part of the U.S. system of CHECKS & BALANCES. Not having enough strong, CHECKS & BALANCES in the financial sector brought the U.S. economy down. Then they got corporate WELFARE bailouts. Not having CHECKS & BALANCES let the super rich & large corporations get the majority of tax breaks & tax loopholes, now they have about 90% of the money and why about 50% of the American population is now in poverty. That's why Republicans always get rid of any type of consumer & worker protection laws, so that the super rich & large business can make more money & turn American workers into slave wage earners. They have done enough damage. NEED STRONGER & MORE WORKER & CONSUMER PROTECTION LAWS.

December 27, 2011 at 6:12 pm |

Meki60

you got that right, not even the new year and he wants another credit card

December 27, 2011 at 6:15 pm |

Bush's dedt

Obama need the cash to pay off Bush's old bills. Learn to read people.

December 27, 2011 at 6:20 pm |

TomCom

interesting, you probably had no problem when Bush was spnding like a wild man and then cut the goverments income by $400 billion a year. He had no means to pay for anything.

December 27, 2011 at 6:26 pm |

katy

Why are you blaming Obama? You are ignorant of the fact situation. Go and educate yourself.

December 27, 2011 at 6:27 pm |

Tr1Xen

Amen!!

December 27, 2011 at 6:28 pm |

noknow

wow they got him in a corner, they know this country has been running off of credit sense they let industry go over seas and shoved this consumer soceity crap down our collective throats. Now he's got to go to congress and ask for more credit debt because we have no gnp... we don't make anything but debt in this country. We sold out our agraculture.... maybe we sell a little corn every now and then. No wonder there are no sane republican canidates for the job... no sane person would want it!!!

December 27, 2011 at 6:29 pm |

Serene

Oh, please!! The deficit has risen under both Dem and Rep administrations! Government has gotten bigger under both parties and the deficit rises under both parties. Both parties are for the government just to get bigger and bigger until we collapse like Greece.

December 27, 2011 at 6:31 pm |

Rick

Dem's & Repub's, what is the difference? Not much from where I sit. They both lie. Spend trillions more than we have. Tell us all just what we want to hear. Take care of their own, before " WE THE PEOPLE ". They all seem to be rich, not that I hold that against them personally, but some of them hold it against citizens. It seems a sorry state when they pit us one against the other. Unfortunately that seems to be more and more the way that they get votes. IMHO, way to many people live off of the government and with them being able to vote it is unlikely that "WE : will see a change!

December 27, 2011 at 6:33 pm |

j0eschm0e

its the fact that obama is kicking the can down the road one more time, and not fixing the problem. the government needs to stop spending. such as giving free tuiton to foriegners for college in california etc etc etc. geez what is he thinking? buying votes for next election??

Please name ONE thing that Obama has proposed that is socialist or communist (you don't know the difference, do you?)

December 27, 2011 at 6:44 pm |

jean2009

@james you really need to rethink education and read a little more....it is Karl Marx with K not a C and he was not a Russian as you no doubt believe, he was a German.

In theory he took his views to far, but he was right about Germany of his era being a "Dictatorship of the Bourgeoisie" which is basically the type of dictatorship the Koch brothers would like to see in this country; a socioeconomic system run strictly for the benefit of the wealthy.

December 28, 2011 at 10:27 am |

Rick

I was born in 1959, there has been deficit spending every year of my life. Go to the debt to the penny on the US Treasury site, there for everyone to see.

December 27, 2011 at 6:39 pm |

jean2009

I was born in 1935, and there has been national debt since I was born. You can see it in relation to GDP at
Scribd.com topic: US National Debt 1929 – 2008.

December 28, 2011 at 7:14 pm |

jamison

Yes, talk about squandering $$. How about starting a war based on LIES (about WMD) so Corporations like Hailliburton and oil companies can make a profit while 4500 of our finest die.

December 27, 2011 at 6:41 pm |

seppe

God forbid,another war it will be the end .and as far this other specimens that you mention don't worry they are making money no matter watt...and please stop the propaganda you don't want to be on the other side and be a victim of our unjustified actions...

December 27, 2011 at 8:21 pm |

Citizenusa

You are as stupid as a barn door.....Marxist? With a wealth concentration coefficient that is greater than the gilded age, the US is anything but Socialist and with Obama extending Republican economics, the wealth concentration is going to increase. What you can say adios to is our Democracy...as the masses wake up and revolt!

December 27, 2011 at 6:42 pm |

AdmC

You got that backwards - the Repubs and so-called "conservatives" always spend more and ALWAYS increase the debt by not raising the revenue resulting in near 82% of your federal tax dollars paying for Repub expenditures

The Repubs and Conservatives do not want to pay their bills like W's tax cuts which are the LARGEST contributor to the deficit STILL not paid for as well as their wars of choice on behalf of multi-national oil companies (see Marine General Smedley Butler)

It was the Dems under Speaker Nancy Pelosi that implemented pay-go to pay for spending which the Repubs fail to do as all of their proposals increase deficit spending even more than Obama must due to the make up of congress and the senate filibuster rule

get the facts and get a grip

December 27, 2011 at 6:42 pm |

the real deal

Fighting "Maxism" again. Poor Don Quixote!

December 27, 2011 at 6:47 pm |

Purple

And your solution instead? You think the American people aren't going to blame Republicants for another debacle of defaulting on what we "already owe". If you don't pay, the country is welching on it's debts – is that a conservative principle?
What else you wanna do – Kick Grandma into the street? Kick her out of the hospital? How about cut defense 1 Trillion dollars like Ron Paul advocates? Or we could tax the rich 95% for one year, how about that one?
It's easy to complain, not so easy to fix 30 years of conservative "deficits don't matter" ideology.

December 27, 2011 at 6:59 pm |

Wanderer

I get it. When a republican president spends, deficits don't matter. When a democrat president spends and has to deal with the deficit given to him, the sky is falling.

December 27, 2011 at 7:11 pm |

Jammaster

Funny how the critics of or President have no clue as to how economics work. ESP you Jerry. 5th grade must be hard.

December 27, 2011 at 7:13 pm |

bill

obama is such a liberal!!!!!

December 27, 2011 at 7:36 pm |

Nugzstradamus

Hey Sling Blade, how many times did Bush ask for a debt ceiling extension?

December 27, 2011 at 7:36 pm |

b

If the Bush tax cuts helped us get into this mess, why do we keep extending them?

December 27, 2011 at 7:39 pm |

ArtInChicago

I have never seen labels flying the way I see them in reference to this president. Most people who won't vote for him don't even know what Marxism or Socialism is. If they did, they wouldn't affix these labels.

December 27, 2011 at 7:40 pm |

Unsifted

If you don't want to label the President I suggest you look into is background before he was President. A fellow traveller will always attempt to minimize and disguise their socialist and communist proclivity, because in the light of day it would be rejected.

You may think you know what a socialist and communist is, but I don't believe you have looked seriously at the background of this President.

December 27, 2011 at 10:20 pm |

Ed

The news is scary, but Obama is not reponsible for all of the obligations the nation has or has promised. They have been building and accumulating for decades (you left out Bush's drug benefit as well). The problem is that steep cuts would harm the fragile economy. It's a mess, but there are few good options.

December 27, 2011 at 7:57 pm |

seppe

Never mind OBAMA the nail is on us the layman of the world .no matter how is in the white house have to do the same. It's ether print money or raise taxes (to every one)till the balance is achieved end of story....

December 27, 2011 at 8:13 pm |

Damon

your right another nail.. Didnt we just have this discussion. And at that time they said it would be the last time till the next election. That was just at the beginning of the fall. Here we are again. 1.2 trillion later. I dont care what party you route for this is out of control. How do you defend potentially tripling the debt in one presidency. Do you have any clue what this will do to us when rates go back to normal. You will have to tax everyone just to pay the interest or default on our debt. This is a prime example of why we are no longer a AAA rating. He is killing us with debt and here people are still complaining about Bush and his mistakes. This will end up far worse in the near future then the Iraqie war.

December 27, 2011 at 8:22 pm |

PaulC

Are you so innocent that you are unaware that Reagan, Bush, Nixon, and virtually every Repug. president raised the debt ceiling numerous times? Did your meds wear off?

December 27, 2011 at 8:23 pm |

Boes73

Why is it that you GOPers have to put a label on everything. And as usual, your superlative label is not even correct. Do you have any clue what Marxism is about or did you hear it from a buddy?

December 27, 2011 at 9:10 pm |

Mike

That guy sooooooooo needs to be yanked out of office and deported.

December 27, 2011 at 9:18 pm |

Emmy Skaddittle

I am sure you didn't read the article but this will just give us enough money to pay our current bills

December 27, 2011 at 9:30 pm |

Rick

Wars are good for the economy. Hurricanes and F5 tornadoes are good too. The more that we destroy the better. The logic of toooooooo many people!

December 27, 2011 at 9:38 pm |

Listen Idiots

The reason Obama needs this money is to help the nation, you had the biggest idiot ever Bush in office for 8 years, did you idiots really think we would not have to pay a dime for his stupidity, Bush got us in this hole, Obama is getting us out, tired of hearing all you racist pigs talk trash about Obama when Bush's years not only mest up the country but the global market. I can stand both parties but someone has to speak the truth, so listen up idiots.

December 27, 2011 at 9:48 pm |

Emilio

Spoken like a truly hate-filled idiot. In case what little brain you have cannot comprehend what the debt ceiling entails, it is simply getting the approval of the money controllers, Congress, to approve the payment of debt incurred by the US government. If the debt is not serviced then the US goes into default like any other failed third world nation the T-baggers would like us to become.

December 27, 2011 at 9:54 pm |

Richard

Neither Bush nor Obama is the blame. Clinton and his evil minion Alan Greenspan, along with s-cum like Barney Frank deregulated the derivatives market that lead directly to the mortgage and bank disasters. Clinton should have been exec-uted for treason.

December 27, 2011 at 10:58 pm |

Don

Everybody keeps complaining about Obama this and Obama that.....how bout you STFU and get elected to the office of President of the United States and attempt to do better.....How many are willing to do so???

Don't worry I'll wait.....

December 27, 2011 at 11:21 pm |

caeser

Wealthy Republicans squandered the nations wealth and oh how they squeal that the rest of us must pay them back.
And how dare Obama end an 800 billion dollar war in Iraq and then irresponsibly waste the money trying to help ...of all people those poor homeless out of work American's who are down on their luck.
This guy is definitely a socialist and quite probably even a christian.

December 28, 2011 at 12:42 am |

Ken

It's not just an Obama thing, lest we forget, spending bills originate in the house. The Republicans are in charge of the house right now, but nobody can be an adult and negotiate... Republicans want to piss away all our money on military adventures throughout the rest of the world, democrats want to spend more on social programs... it's not like anyone in DC has clean hands. I mean, lest we forget, Medicare D isn't a Democratic achievement, it's a Republican jewel.

December 28, 2011 at 1:04 am |

Patriot

What wealth? This country has been broke for years. I wish I can raise my debt ceiling whenever I want on unsecured loans so my bankers can keep lending me money.

December 28, 2011 at 1:10 am |

John marshall

Never heard ads on the radio and tv for people who should get more stuff off welfare and medicaid during Bush or Clinton. We're living the Communist dream now. With no money to pay for it.

December 28, 2011 at 2:10 am |

TBaggersSuk

I get so tired having to explain this to the tea baggers that are supposedly so concerned about the debt.The debt stands at about $15 Trillion. Over $10 Trillion of that was handed off by Bush. Since Obama took office we have had over $400 Billion a year added to the $10 Trillion debt every year which adds up to over $1.5 Trillion added to the debt just in interest off Bush's debt. Understand so far tea baggers? Then you add over $700 Billion for the extorted extension of the Bush tax cuts for the wealth. Now we are over $2.25 Trillion in additional debt thanks to Gop policies. Now lets look at the $1.9 Trillion that was spent trying to FIX the economy that was destroyed by the policies under Bush. Remember he just didn't start spending just for the sake of spending. If the economy had been thriving there would have no need to stimulate or bailout anything now would it? That means that more than $4.15 Trillion of the $5 Trillion that has been added was put there thanks to the Gop. So roughly $14.15 Trillion of the $15 Trillion that you tea baggers try to blame on Obama was put there compliments of the Gop.
The increase that they are talking about in this article was approved by during the debt ceiling debate. It is not additional this is part of the $15 Trillion. The Gop made it to where the spending would take place in stages throughout the election where they could "appear" to take the Conservative high ground on spending by symbolically voting against it purely for political gains. They gave the President the approval to do this by allowing the bill to pass to where there vote and protests wouldn't matter because the President could veto it. that way they could point the finger of blame totally at him and by making the increases occur in stages uneducated citizens, mostly tea baggers, would think " Well that Obama just keeps spending, he has to be stopped!" and judging from these comments the lemmings have fallen for it. You tea baggers keep asking when is Obama going to take responsibility for the debt? I have been asking the same thing about the Republican's and Bush since about 2004.

December 28, 2011 at 2:32 am |

skytag

So much brainwashing of so many stupid people. Obama is not responsible for our large deficit, which explains why the national debt grew more in the past 12 months of Bush's administration ($1.44 trillion) than in the last 12 months under Obama ($1.2 trillion). All you people parroting and anti-Obama rhetoric should be ashamed of yourselves for allowing someone to fill your head with nonsense about Obama.

Go ahead, feel free to detail all this spending you've been brainwashed to believe Obama's been doing. You can't and you know it, and you can't because it's a myth. Seriously. The deficit is a combination of two things:

– A continuation of the $500 billion deficits Republicans ran in 2005-2007.

– A loss of tax revenues and increased spending on programs used by the unemployed, such as unemployment insurance, food stamps, Medicaid and so on, all of which is directly attributable to the recession and sluggish economy, not Obama.

Of course we need to raise the debt ceiling. What's the alternative? Cut out nearly half of all government spending virtually overnight, put several million more people out of work, and plunge us into a second Great Depression? That's your plan?

We need to get the unemployment rate down. When more people get back to work we'll have more people paying taxes and fewer people relying on government programs that cost money. A full economic recovery would eliminate at least half the deficit. Once unemployment is reasonably low then people who lose their jobs because of spending cuts can find new jobs relatively quickly, get back to paying taxes quickly, and not end up on government programs for months or years.

Jobs first, then cuts.

December 28, 2011 at 5:31 am |

John

I have come to realize when the libs bring up the "Bush" name it means "our guy BO is so bad we don't know what else to say to try to defend his poor policies and poor performance".

December 28, 2011 at 9:34 am |

Larry

I have been reading these comments and I'll tell you folks....
It's just disgusting to see how "Americans" act towards each other. No wonder our congress is so dysfunctional, for GOD sakes they are the mirror imagine of how people are conducting themselves right here in this little story.
Calling each other names, blaming, finger pointing, etc...
How will our congress ever be pushed to do our business in a professional reasonable manner when the very people they represent are a bunch of crazy people acting like complete idiots!!

December 28, 2011 at 9:56 pm |

Potomac Oracle

We've been brainwashed to believe that the federal government needs to run its finances just like a family, or a business.

This is unmitigated crappolla.

Just think about it. No family or business can issue our currency. Only the Federal Government can do that. That means the government can pay for whatever it needs because it controls the quantity of money. If you and your family or business had the same sovereign authority you wouldn't need to have a job or customers, respectively.

You remember back in 1934 when Roosevelt made it illegal to own gold and every nation in the world was forced to use paper "fiat money" as the basis for its monetary system? Sure you remember that.

Grandpa went off to the bank or goldsmith, to trade his gold for paper, and then he deposited the paper at the Community Bank.

Well the federal government did the same thing. But, with one important distinction. Grandpa's deposit represented just the value of his gold. Uncle Sam's deposit represented any value Uncle wanted it to be, because, unlike Grandpa, Uncle created all of the paper money....all of it... as much as Uncle needed.

Yep, Uncle became a currency monopolist overnight. So no matter how much gold he had its value no longer mattered. Why would it? After all The Federal Gov. was the sole issuer of the paper currency completely unfettered from the value of gold. Uncle Sam could now create money from "thin air." And did, and still does.

So what? You say. Well if Grandpa had a monopoly on creating all the currency used as a medium of exchange in America, would he be a happy camper, or not? I think he'd be giddy with anticipation of buying whatever he wanted.
Well, that's exactly how the federal government views its monopoly power. It can spend its paper money on defense, education, highways, etc. It knows that its checks will always be cashed because it produces all the money. No one else can do that without going to prison, if caught and most get caught.

I know, your thinking, 'well the federal government doesn't create all of the money that's why we have taxes.' Oh Really?? Ok. So the government taxes. What does it tax? It taxes income and property and consumer goods. Income! Ok, let's look at income. Where did you get the income? Well, we earned it. Ok, where'd your employer get the dollars to pay you? From customers who had dollars. Ok. Where did they get the dollars? You see how circular this can be.

Sooo.

Let's cut to the chase. Since it is fact that the Federal Government controls the quantity of currency in America, it follows that only when the government issues a check in payment for goods and services, does money come into existence in this economy. Only then is there something to tax. It's not the other way around.

Modern Money Theory......The Federal Government is the sole issuer of money in America and therefore, has no need to raise revenue through taxation, and can never go broke.

That's right, the government gave your employer a check for $1,000 in payment for goods and or services. Your share, $100, is your income, but after taxes... $10, you have $90. You see, the government took back some of the money it had earlier paid to your employer. Why didn't it just keep the ten bucks?

Well, because it doesn't really need to tax YOU to raise revenue. Your income tax dollars, and payroll tax dollars, and real estate tax dollars, and sales tax dollars, are never needed by governments Federal, State, and Local as revenue to pay for anything in a nation with a sovereign currency.

Let's just think about this for a minute. If it doesn't tax us to raise revenue, why does it tax us?
It has effectively higher taxes on the middle class than on the rich to keep us from spending too much, and continue the lower effective taxes on the really rich. Think....Rupert at 15% and his Secretary at 30%. At the margin the rich don't spend as much as the poor and middle class.

If the government thinks there's a chance that you might trigger inflation with your wanton spend thrift ways, it will find a way to take some of your spending money away from you, it will raise taxes on those of you who are most likely to spend increases in income. It does this in sneaky ways.

So what does it do? It eliminates federal cost of living increases by using phony inflation data to deny these increases to, among other groups, Senior Citizens on fixed Social Security incomes. Not only can they not buy more stuff, they can't afford as much of the stuff as the usually buy to stay alive.

Another thing they do is falsify inflation data used to determine the COLA. It does not include food and fuel. Ya, the two most inflation prone consumer items.

The government should only use taxes to adjust spending when inflation threatens, not to raise revenue.
After all these years of being brainwashed into believing those roadside signs declaring "Your Tax Dollars at Work." That my dear reader is propaganda, snake oil, forked tongued, disinformation. And to prove it all you have to do is answer one question.

Why, since the federal government can create all the dollars it wants, when it wants, would it need to take money back from the people as revenue to pay for stuff? It doesn't. Never did. A currency monopolist never has to raise revenue through taxation or any other policy construct. Read "The Seven Deadly Innocent Frauds of Economic Policy" at http://www.moslereconomics.com

December 29, 2011 at 1:15 pm |

CHERRYPIEGUY

Hey foolish.........seems you forgot about the ten year war the bush-heads put on our national credit card and the massive tax breaks for millionaires, and the deregulation of wall street that nearly brought down our fiscal banking structure in this country........moron

December 29, 2011 at 2:03 pm |

Jack

Yeah, okay, you can include that do nothing congress in this too! I bet you can't even define Marxism you loser!

January 5, 2012 at 3:56 pm |

Funny

Wow, and what the heck are you going to do when your world is shattered by the reelection of President Obama?

December 27, 2011 at 2:15 pm |

armyvet66

Let's hope we don't have the same political games as last tiem.

December 27, 2011 at 2:17 pm |

armyvet66

time!

December 27, 2011 at 2:18 pm |

ddblah

We can count on the game.

December 27, 2011 at 2:24 pm |

Q

Nine Nine Nine

December 27, 2011 at 2:24 pm |

ddblah

999 jokes?

December 27, 2011 at 2:37 pm |

Bert in UT

nein, nein, nein!

December 27, 2011 at 3:54 pm |

jamison

If you flip 999 you get 666 also known as GOP. EVIL EMPIRE if there ever was one.

December 27, 2011 at 6:43 pm |

glyder

you mean just give potus whatever he wants?

December 27, 2011 at 2:34 pm |

katy

It isn't a matter of what the President wants. The debt ceiling has been raised congress every year. if the house causes another downgrade, they will be voted out of office. People really need to educate themselves about this issue.

December 27, 2011 at 6:30 pm |

AdmC

you mean so we don't default on what congress has already authorized to spend–the only alternative is for congress to man up and be responsible and not deadbeats and collect the revenue that the Repubs spend

December 27, 2011 at 6:48 pm |

Purple

It isn't what HE wants – we owe the bills. You would rather welch on the country's creditors? Is that responsible government? Let's hope the Republicants learned their lesson last time – didn't go so well for them, the irresponsible path. They have to pay the bills Reagan, Bush I, Bush II, Clinton and Obama now have charged – it's that simple.

December 27, 2011 at 7:02 pm |

Peter

"Let's hope we don't have games". Forget that! Read this board. Most posts are "my team will fix everything, your team caused all the problems". We live in a sports team culture and the politicians play the team zombies like the suckers that they are.

December 27, 2011 at 3:06 pm |

rocco

out of all these so called candidates running.....nne of them seem to be a 'good' candidate.

December 27, 2011 at 3:22 pm |

Marc

This game has already been played. Ready? Congress votes against the debt ceiling increase (see, they ALREADY voted for it, but this gives them an "out"). Obama vetoes. Congress doesn't override. As usual, the outcome is a forgone conclusion, but the GOP'ers are counting on the public to continue to be stupid enough to believe that Obama is making this happen, even though they WANT the ceiling increased. Cowards, pandering to the stupidest among us. Of course, we can count on howling right-wing idiots to parrot the sound bites spoon-fed to them.

December 27, 2011 at 3:38 pm |

Jammaster

You can forget that. The TEA par tiers (Traitors Embracing Anarchy) will be having tantrums big time.

December 27, 2011 at 7:16 pm |

KAT

How long before we can rein in our spending!? How can we continue to dig ourselves into a hole we have not prayer of coming out of?

December 27, 2011 at 2:18 pm |

guest

Increase? Time to impeach the man immediately. There has never been a worse president.

December 27, 2011 at 2:18 pm |

Jack63

Jimmy C is glad to hear that!

December 27, 2011 at 2:19 pm |

Funny

Except for Bush, Bush, Reagan, Nixon, and LBJ...Oh, and Jackson, Hoover, and FDR. But otherwise he's the worst.

December 27, 2011 at 2:20 pm |

Martin

You have obviously never researched how many times either George W Bush, George HW Bush, or the Republican God Reagan raised the debt ceiling during their Presidencies.

Let's tax the rich at 100%, that should run the economy for a few months, lol. The problem lies in the spending

December 27, 2011 at 2:30 pm |

C-Lo

No, let's start by ending ALL Bush era tax cuts, including the SS tax holiday. Bump it back up to the 6% level. Bottom tax rate 15%...

December 27, 2011 at 2:31 pm |

bucca.biscuit

Its one thing to raise the debt ceiling. It is completely another when it is going up $1 trillion at a time. This rise will set the national debt at over $16 trillion. The national debt when Bush left office was about $8 trillion. Get you head out of your as s and read the history of debtor nations.

The difference between genius and stupidity – genius has its limits.

December 27, 2011 at 2:31 pm |

superfudge1

yeah except they didn't increase the ceiling while tripling the debt.

December 27, 2011 at 2:32 pm |

Chuk

I agree with you, Martin. Because Democrats didn't raise all sorts of stink doesn't mean Congress did not borrow to fund Bush's illegal war! But it's good to know Repubs now want fiscal discipline. If one ever makes it to the White House, we'd remember. Repubs are hypocrits; it's ok to borrow unlimited amounts to build bombs, no questions asked. But taking care of the environment or our fellow human beings is a bad idea.

December 27, 2011 at 2:35 pm |

tomkat

This is so stupid! It's time to stop blaming the President, the Republicans, or the Democrats. If anyone cares about the future of this country, just solve the problem. Let the Bush tax cuts expire. Tax the 1 percenters more. And make Social Security and Medicare means tested programs to save them (including current recipients).

December 27, 2011 at 2:35 pm |

Leslie

It's really sad how brainwashed these republicans are, they listen to nothing but right wing talking points and repeat them! Republicans need to research on their own and THINK FOR THEMSELVES!!!!

December 27, 2011 at 2:36 pm |

bucca.biscuit

Read Alison's post below numb nuts.

December 27, 2011 at 2:37 pm |

Crizzle1977

Really??? Obviously you are just promoting a liberal agenda and don't bother letting little things like facts get in the way. That top 1% you refer to already pays around 75% of the taxes. In addition, historically, such tax increases have led to LESS revenue as those with money know how to invest it in tax-free vehicles. Though, I must say that you are paritally right in that tax increases are necessary... just not exclusively on the top 1%.

In order to get this financial mess under control, we not only need tax increases, but we need to make cuts. And NOTHING can be automatically exempt from cuts. GOP - your precious Defense Department has to be in play for cuts just as the Dems need to realize that we cannot keep giving billions and billions of welfare benefits to basically those who use it and continue the cycle of dependency - and that includes scrapping the Affordable Care Act (which is such a crock in that it will do more to increase the cost of health care - just not for the poor - just for those paying taxes and who have private insurance).

Yes, Bush the 2nd left us in a massive crap-storm interms of debt. But Obama has made it worse. From day one, this administration should have been looking to get our finances under control and THEN worry about other items. But no, they decided to foce a liberal agenda down everybody's throat and then blame the GOP when they say no to stop-gap measures and mandaid solutions. Hopefully the next administration can do better because... frnakly, I'm not suire if anyone can do much worse than the last 2.

December 27, 2011 at 2:40 pm |

skysgirl

Martin....I totally agree!

December 27, 2011 at 2:46 pm |

Cary

Instead of having an all or nothing approach and creating a caustic, partisan debate (much like our do nothing congress) why can't everyone think rationally and put AMERICA first, not their agenda or favorite pet program? I agree that we should kill the Bush tax cuts, but not just for the "1%". Everyone benefits (a.k.a. pays less) because of the Bush tax cuts (renewed by a Pelosi House/Reid Senate) and we should end those cuts for everyone. This doesn't impact those making less than $40k, because most of them have no tax liability at the end of the year. We will never tax our way back towards a balanced budget, nor will cuts alone fix the problem long term. Sooner or later a leader needs to come clean to the American people and explain that we, as a Nation, not as a partisan political party, need to tighten our belts.

December 27, 2011 at 2:54 pm |

Charles

Leslie, thank you for your substantive comment. I appreciate your concern for us conservatives. I guess your short-term memory, or selective intelligence, neglects to admit to the liberals' extensive use of talking points (It's GWB's fault, FOX News listeners, "trickle-down" economics, and the like). Enlighten us on some of your published research that can be the basis of a conversation. Until you show me otherwise, this very educated 26-year old engineer with an MBA is going to disregard anything you have to say...

December 27, 2011 at 3:20 pm |

nevermoretheraven

Let's start by having everyone pay for his and herself. Parents paying for their OWN kids. Families taking care of their OWN members. It is not the responsibility of the at large tax-payer to finance and subsidize someone else's life. Handle your OWN business.

December 27, 2011 at 3:29 pm |

Unsifted

Class warfare at its best. Yes, there are rich people. You and your class warfare are cheap and poor. Cutting the rich down will not bail out the country and will only make you sicker if it makes you feel better.

December 27, 2011 at 10:25 pm |

jim

Clearly you aren't paying attention. The republicans already approved of this increase this summer. The "vote of disapproval" is just political theater for them to try to convince the ignorant that they weren't associated with a debt increase.

December 27, 2011 at 2:32 pm |

Alison

Under Obama the debt ceiling increased:
– by $789 billion to $12.104 trillion in February 2009, Obama's first year in office, under the American Recovery and Reinvestment Act;
– by $290 billion to $12.394 trillion ten months later, in December 2009;
– and by $1.9 trillion to $14.294 trillion two months later, in February 2010.

Under GW Bush the debt ceiling increased:
– by $450 billion to $6.4 trillion in June 2002;
– by $984 billion to $7.384 trillion 11 months later, in May 2003;
– by $800 billion to $8.184 trillion 18 months later, in November 2004;
– by $781 billion to $8.965 trillion 16 months later, in March 2006;
– by $850 billion to $9.815 trillion 18 months later, in September 2007;
– by $800 billion to $10.615 trillion 10 months later, in July 2008;
– and by $700 billion to $11.315 trillion three months later, in October 2008.

Under Clinton the debt ceiling increased:
– by $225 billion to $4.37 trillion in April 1993;
– by $530 billion to $4.9 trillion four months later, in August 1993;
– by $600 billion to $5.5 trillion two years and seven months later, in March 1996;
– and by $450 billion to $5.95 trillion 17 months later, in August 1997.

Under GH Bush the debt ceiling increased:
– by $70 billion to $2.87 trillion in August 1989;
– by $252.7 billion to $3.1227 trillion three months later, in November 1989;
– by $107.3 billion to $3.23 trillion 11 months later, in October 1990;
– and by $915 billion to $4.145 trillion one month later, in November 1990.

Under Reagan the debt ceiling was raised to:
– $985 billion in February 1981;
– $999.8 billion in September 1981;
– $1.0798 trillion September 1981;
– $1.1431 trillion in June 1982;
– $1.2902 trillion in September 1982;
– $1.389 trillion in May 1993;
– $1.49 trillion in November 1983;
– $1.52 trillion in May 1984;
– $1.573 trillion in July 1984;
– $1.8238 trillion in October 1984;
– $1.9038 trillion in November 1985;
– $2.0787 trillion in December 1985;
– $2.111 trillion in August 1986;
– $2.3 trillion in October 1986;
– $2.32 trillion in July 1987;
– $2.352 trillion in August 1987;
– and $2.8 trillion in September 1987.

December 27, 2011 at 2:32 pm |

Mark

The trend has to STOP.

December 27, 2011 at 2:41 pm |

strangerq

Under GW Bush the debt ceiling increased:
– by $450 billion to $6.4 trillion in June 2002;
– by $984 billion to $7.384 trillion 11 months later, in May 2003;
– by $800 billion to $8.184 trillion 18 months later, in November 2004;
– by $781 billion to $8.965 trillion 16 months later, in March 2006;
– by $850 billion to $9.815 trillion 18 months later, in September 2007;
– by $800 billion to $10.615 trillion 10 months later, in July 2008;
– and by $700 billion to $11.315 trillion three months later, in October 2008.

Great post...hope you don't mind if I take it and put it somewhere else it is needed badly.

December 27, 2011 at 2:45 pm |

Doug

Interesting – Haven't checked if the numbers are accurate but if they are,

Obama – Average increase (before this proposed one) of 1.4 Trillion for every year in office...
GW – Average increase of $670 Billion for each year in office...
Clinton – Average increase of $225 billion for each year in office...
Bush – Average increase of $336 Billion for each year in office...

Not liking where that pattern is going!!!

December 27, 2011 at 2:46 pm |

Ghost

This is what we need to look at... rest of the posts on this issue by others are just pathetic. Thanks!

December 27, 2011 at 2:46 pm |

skysgirl

Grasping for numbers? OBAMA 2012 !!

December 27, 2011 at 2:47 pm |

Macoda

Great info....Thanks!

December 27, 2011 at 2:48 pm |

Alison

Go for it.

December 27, 2011 at 2:49 pm |

Dee G.

Thank-you! Not that it will stop the m0r0n$ from ignoring the facts, but at least it's out there now.

December 27, 2011 at 2:52 pm |

Harry

Thank you for posting this. That was a HUGE jump the first time Bush asked for the increase.

December 27, 2011 at 2:53 pm |

Maine Liberal

Bush never accounted for the Iraq war as part of the budget or the debt. it was always a continuing resolution

December 27, 2011 at 2:55 pm |

bdm

Alison, you rock! Thank you so much for a little "reality" in an otherwise delusional list of posts from republicans. The only problem is that supporters of the GOP don't do well with reality. They get their "news" from a pseudo news station and seemingly cannot compute information from any other source.

December 27, 2011 at 2:59 pm |

skysgirl

Thanks....hope everyone takes time to read it.

December 27, 2011 at 3:00 pm |

Brian

Republicans are good at running up the bill, but when it comes time to pay, it's either a dine and dash move or "I only had a soda, here's my $2". End of the day, Reagan and Bush 1 ran up the debt, Clinton payed the billl and left a surplus. Junior takes over and runs up the country credit card...never to be heard from again. So it's a Dem...again, who gets stuck with the bill. Last time I checked, Iraq and the Bush tax cuts were a GOP thing. So let's undue what we can that Junior did, and more importantly, bring those accountable to justice. Enough is enough!

The National Debt has increased from $985 billion in February 1981 under Reagan to a proposed to $16.390 trillion under Obama.

December 27, 2011 at 3:21 pm |

Kit

As long as all the facts are correct here, I think nothing more needs to be said. Great post! People can we present more factual information like this as opposed to back and forth hate rhetoric? These replies proves our lack of intelligence and our quickness to judge.

December 27, 2011 at 3:22 pm |

another1

It would be great to hear the Republican side of the story about this, but the numbers really do speak for themselves. I doubt any Republican reading this can form a reasonable reply as to why the debt is Obama's fault after seeing these numbers.

December 27, 2011 at 3:44 pm |

Jason K

Alison, thank you for posting the cold undeniable numbers. You know what we'll get with 4 more of Obama, and you know that the GOP stands with him on increased spending. Regardless if you feel that he is socially nutty, Ron Paul's financial plan sounds better each day. There are CSPAN videos from the 80s and 90s of this guy predicting all of this. Keynesian economics has failed. Austrian economics has predicted all of this. And all of you who say he's racist, look at his history. Aside from some news letters from the 80s which (he is responsible for but) did not write, look at his history, voting records, speeches, Medical practice history. The man is not a racist, but I have no idea why he doesn't name the people who were writing his newsletter back then.

December 27, 2011 at 4:04 pm |

Mike

Alison- You need to take a closer look at the #'s you posted.

Based on the information YOU provided, Obama from Feb 2009 – Feb 2010 raised the debt ceiling THREE Times for a total of $2.98 Trillion dollars!!

$2.98 Trillion in ONE YEAR!!

December 27, 2011 at 4:06 pm |

safejourney2

I wonder if there will be any compromise in congress on this?

December 27, 2011 at 4:11 pm |

safejourney2

sorry, my last comment posted to Alison in error.

December 27, 2011 at 4:13 pm |

pat carr

great info. i am going to keep a copy of it

December 27, 2011 at 5:13 pm |

Bruce

You should change your figures to reflect Congress and not a president. Anyone knows the president has little control over the Congress fiefdom...... So with your numbers, it clearly shows the Dems since takling back Congress in 2006....have spent this country into a complete and utter mess...... As far as Obama cutting taxes, let me know how much you like that when Social Security goes bankrupt quicker due to lower revenue streams......

All parties are corrupt but the Dems seem to have this down to a science

December 27, 2011 at 5:42 pm |

Ed

Wow, your post had more real info in it then any CNN story I have ever read. Thanks for the research, this is terrific. I'm also surprised at how few folks are spewing invectives. I guess facts shut up foolishness every time. Cheers Alison.

December 27, 2011 at 6:13 pm |

Bill in STL

Okay, so thats 4.5 trillion for Obama in 3 years abd 4.9 trillion fot Bush... Now how does that math work again?

This is Keynesian economics ... plain and simple,,, ala FDR

December 27, 2011 at 7:30 pm |

John Kaufman, Oceanside, CA

Your numbers I can't verify, but I will not disagree with your FACTS, the last four Presidents and run this countries debt into a very dep hole. I have warned many I have associated with the danger in this continued spiral down into huge debt, but 99% do not want to see and look at these facts. so good luck America I have no sympathy for you in your final downfall.

December 27, 2011 at 9:27 pm |

Emmy Skaddittle

you like most republican idiots don't take into account that most of the debt jr racked up by having two wars was not taken into account until obama took over, so that part of Obamas should be on busk jr

December 27, 2011 at 9:32 pm |

Bill in STL

he appropriatins were funded by congress emmy. Those moneys were added to he budget during Bushes term .. not Obamas.... you can't spendmoney you dont have .....

December 27, 2011 at 10:57 pm |

jean2009

@Bill in Stl...because one senator thought we should pay to fund a war that put our troops in harms way doesn't mean the Iraq War was funded. The Afghan and Iraq Wars were definitely an unfunded venture and we still owe for the borrowed money to pursue the ventures. i would suggest looking at the graphs at: http://crooksandliars.com/jon-perr/10- inconvenient- truths-about-the-debt-ceiling# June 2, 2011.

@Bill in Stl...trying to short change on the figures again...right? The national debt accrued by G. W. Bush was $5 Trillion.

December 28, 2011 at 11:25 am |

Bill in STL

So Sorry Jean... I was not aware that .1 trillion was that big a deal.... Sheesh Talk about picky.... bu then that is who are... would you care to talk about the rounding down I did for this president as well????

December 28, 2011 at 8:09 pm |

Bill in STL

Oh and who was that Senator again jean??? was he part of the congress that failed to enact the rquired funding? You should go look at the CBO document.... Its funny but it shows that the funds were reqested by the president and that congress failed to enact it..... The cbo states that the requests were in keeping with the cost of the war... Funny how that goes isn't it?

So if then Senator Obama said in soix city that the congress would fully fund it and then congress did not... is that a lie?

December 28, 2011 at 8:16 pm |

CRG

Impeach him for what, being the President and doing the job? Read the U.S. Constitution. You can find it on the internet at http://www.usconstitution.net/const.html.

December 27, 2011 at 2:34 pm |

REal American

You are confirming to us how ignorant you are, these debts were created 10 years ago not by Obama you uneducated m0ron

December 27, 2011 at 2:35 pm |

Dean

Is Bush going to responsible for Obama's failures forever?

December 27, 2011 at 2:40 pm |

strangerq

Bush is responsible for Bush's failures.

That includes the trillion dollar Iraq WAR, the economic meltdown and the tax cuts for the rich.

These are the policies that turned our surplus into a deficit and YES Bush will be responsible for them.....FOREVER.

December 27, 2011 at 2:45 pm |

steve

what a well thought out response I especially liked the insult to his intelligence it really helps your argument.

December 27, 2011 at 2:51 pm |

ddblah

Dean: Bush is responsible for what he did. That's it. He created part of the problem.

December 27, 2011 at 2:51 pm |

Pips

Obama was elected to fix Bushes failures. So if all you are hearing is "Bush caused this.." "Bush did that.." it's because we PUT HIM THERE TO FIX THE BUSH SCREW UPS. You will hear about Bush ruining this country for the next CENTURY. It will take 20-30 years to fix what he broke in 8.

December 27, 2011 at 3:00 pm |

bucca.biscuit

You are the phocking moron. The dollar amount and the percentage of increase is perverted when compared to any of the other presidents. Closed minded people can not listen to a logical argument and process information. That is fact.

The difference between genius and stupidity – genius has its limits.

December 27, 2011 at 3:18 pm |

Mac

Lot's of partisan comments left on this page, anyone wonder what is wrong with our country. I am NOT a teabgger at all, but both parties have done more than enough to ruin this country. Let's start fresh and vote out every incumbant until they can decide to play well together. Both parties have good ideas but both parties want everything their way.....and we see the results of that!

1- Govrnment at all levels has to control their spending.
2- Tax codes need to be altered, ultra rich people and profitable companies should not get benefits!
3- Why does 40% of the income earners pay NOTHING.
4- OWS people, get a job and help contribute!
5- Ending wars would be a great idea, our troops can be used to protect our border and country.
6- No pay raise for Congress/Senate or Executive branch until a balanced budget is presented AND executed.
7- Reform the entire tax code....could be a duplicate.
8- Stop mega bills, each bill should stand on it's own merit.
9- Let private industry do some of this govt work, seems like union outfits take more time, cost more and don't always do the best work.........
10-Invest in the infrastructure of this nation, it will take lot's of money and time and help the economy for a long time.
11- Train people to work, not give them a housing check, food stamps, unemployment........
12-NO one on drugs should get any federal or state assisitance unless they are willing to stop and go into rehab.
13-Cut EVERY foreign aid by 50%, make them earn our help by supporting us!
14-If ultra rich people think they don't pay enough (Warren Buffet) why don't you make a gift to the treasury, which is an option!
15-Raise tariffs on foreign goods and services.
16-Provide incentives for Americans to start companies and increase employment here in the USA!
17- CUT the fraud in medicare/medicaid, government spending, etc.
Help me add to this list AMERICANS!

December 27, 2011 at 3:56 pm |

jean2009

@dean Yes as long as President Bush's debts (plus the interest on those debts) for an unfunded unnecessary war for non-existent WMD are the main reason for our need to keep raising the debt ceiling.

Over the period of the last decade we have borrowed for two unfunded wars (which I might add were never once included in the budget by the last president). During that same period great tax breaks were given to the most wealthy members of our society; who obviously could have paid a little more. Which means we now owe more than we would have otherwise.

This is old news and the amount has already been agreed to and approved....do you people not read?

December 27, 2011 at 4:35 pm |

Bill in STL

Dear jean.... please read the following USA today from 2007. Then Senator Barak Obama stated that Congress would fund the war, even if Bush used the veto.

SIOUX CITY, Iowa (AP) — If President Bush vetoes an Iraq war spending bill as promised, Congress quickly will provide the money without the withdrawal timeline the White House objects to because no lawmaker "wants to play chicken with our troops," Sen. Barack Obama said Sunday.

The entire artical can be found here: Please not that Then Senator Obama said that congress would fund the war without the withdrawal deadline....

Well So much for unfunded!

http://www.usatoday.com/news/washington/2007-04-01-obama_N.htm

December 27, 2011 at 11:03 pm |

rcos

You idiots, this is part of the deal that was agreed to earlier this year. I know the article is a little vague, but it is the same amount aproved by both parties already

December 27, 2011 at 2:49 pm |

Peter

Impeach him on what grounds? You just babble nonsense.

December 27, 2011 at 2:52 pm |

ddblah

I think he meant to impeach all of the presidents after Hoover.

December 27, 2011 at 2:57 pm |

rcos

this is the SAME increase that was agreed to earlier, not another increase, read the article again and not just the headline/

December 27, 2011 at 2:53 pm |

ALindor

You want to impeach?

1. let's impeach the guy who violated the Geneva conviention and tourtured people.
2. let's impeach the guy who published the name of a covert CIA agent.
3. let's impeach the guy who attacked another country under false pretense.
4. let's impeach the guy who lied to the country and sent almost 5000 of citizens to die.
5. let's impeach the guy who took money that was meant to pay down the debt and gave it to companies in order to ship our jobs overseas.

GO AHEAD IMPEACH.

December 27, 2011 at 3:02 pm |

Alison

Alison likes this.

December 27, 2011 at 3:10 pm |

Peter

ALindor: You may want to add:

Let's Impeach the guy who was the only US President in history to CUT taxes in the middle of an EXPENSIVE, UNBUDGETED war. Great fiscal strategy, eh?

December 27, 2011 at 3:15 pm |

usmc1

If you consider that torture you need to man up Nancy. Those methods saved thousands of lives and isn't anything close to torture.

December 27, 2011 at 3:18 pm |

tracey

ALindor, for the most part that sounds like Obama, if so you could add fast and furious, indefinite detention for americans, he has killed 2 americans in a drone strike (think of the precedent set) and the fact that he did not end either war, Iraq was way over before he announced it being over( clearly political), Afghanistan really is Obamas war, I have yet to see federal gay marriage or civil unions, the end of the expensive federal prohibition on marijuana (war on drugs), or really any change etc. I have no idea why people who were calling McCain McSame arent calling Obama an Obush, he clearly tricked us with the change rhetoric. Occupy protests class differences but Democrats can't be any different than Republicans since these protests are going on now, and guess who is in charge.

Lastly, it is not acceptable for a man that is our president to blame his failures on the last president, Obama was elected to hold his head up and fix our economy, and instead he just whines about Bush, it is pathetic how weak he is. He is not a leader only a power hungry fame seeking politician who cannot handle the job and should not have another term as president, I'm not against the Democrats I'm against having America run by someone who has not aptitude for leadership (we should have seen that coming with a resume devoid of any leadership, just playing it safe and pandering to the base). sorry for the rant.

December 27, 2011 at 4:12 pm |

jean2009

Thanks ALindor but I won't hold my breath.

December 27, 2011 at 4:37 pm |

yeah me

Why stop there, lets impeach all responsible since many still sit in power. They represent the congress, etc. Those people have been sitting through many presidents. One guy at the top is not really that all knowing no matter who he is. If you want to blame, lets spread the love and wipe the whole slate clean. Don't tell me you believe those who sided and and agreed to all this were unaware and innocent. (By the way, in case you don't get the hint these include dems too)

December 27, 2011 at 10:15 pm |

Thelookingglass

Guest, your comments are DOA . . . period.

December 27, 2011 at 3:05 pm |

BobZemko

Is that how the others in your klan chapter feel?

December 27, 2011 at 3:42 pm |

xyz

I would posit that Calvin Coolidge, Warren G. Harding, Herbert Hoover, William Harrison, Zachary Taylor, Ulysses S. Grant, John Tyler, Millard Filmore, Franklin Pierce, Andrew Johnson, James Buchanan, and James Garfield will all go down in history as much worse Presidents than President Obama. If you disagree, please cite your reasons. Thanks.

December 27, 2011 at 3:43 pm |

guest

what good would impeachment proceedings do? Nothing happened when Clinton was impeached.

December 27, 2011 at 4:49 pm |

Tschrny Wolf

How can you rich republicans ask for more tax money, actually billions and trillions and now whine about needed policies?

December 27, 2011 at 5:56 pm |

Purple

Actually, there were quite a few worse and ol' Dubya is ranked far down the list from Obama ... almost at the bottom Dubya is.

December 27, 2011 at 7:03 pm |

PaulC

Were you asleep from 2000 to 2008? I don't have time or room to list the stupidity and gigantic errors der fuhrer visited on the country.

December 27, 2011 at 8:25 pm |

seppe

It's not the president along it's the entire team of the government =535 professional specimens plus the scavengers of wall street/the banks/the insurance company s / and many other( to many to mention)...

December 27, 2011 at 8:37 pm |

O Bozo 101

Ive told you. Obama's policy is running this country into debt

December 27, 2011 at 2:18 pm |

Wazzup

What, Obama wants to borrow more money? I am shocked!

December 27, 2011 at 2:18 pm |

Jack63

Once and for all tell that paper hanging president you cant spend what you dont have.

December 27, 2011 at 2:18 pm |

Mark

NO. Cut spending.

December 27, 2011 at 2:19 pm |

DK

He's out of his mind. STOP Spending!

December 27, 2011 at 2:19 pm |

Sagebrush Shorty

"The new debt ceiling is expected to satisfy U.S. debts until the end of next year," Care to make a bet on that?

December 27, 2011 at 2:19 pm |

bucca.biscuit

Yeh, I'll book that bet. And I'm giving odds it wont last 'til fall.......

December 27, 2011 at 2:32 pm |

Tschrny Wolf

Look because of the global recession and how our economy is tied to it, it is hard to predict if the inflation is going to hit or not. I find your comment cynical. President Obama is trying hard to save your ass, and you still complain? OK, let your money lose value,,let us see if you stop bitching.

December 27, 2011 at 6:01 pm |

rad666

Why not just $10 trillion and have a national kegger party?

December 27, 2011 at 2:19 pm |

Michael

Kick the can down the road. This is crap.

December 27, 2011 at 2:19 pm |

MichiganMoon

When will we have politicians willing to make the best long term policies instead of short term gratification policies designed to get reelected?

December 27, 2011 at 2:19 pm |

Doug Ericson

I am for a 2 Quadrillion Dollar debt limit increase.

December 27, 2011 at 2:19 pm |

the_dude

One and done....and not a moment too soon.

December 27, 2011 at 2:20 pm |

Chuk

Nonesense. I bet you he wins re-election. And he should. Will beat the flip-flopper or anyone else they finally decide to run against him.

December 27, 2011 at 2:38 pm |

do you really believe the GOP?

Look at the history of the debt ceilings. It is not an OBAMA problem, its a broken system problem. Simply put, ever since Reagan, the debt ceiling has just been climbing. Clinton was the only one in since reagan to balance the budget. You elect any GOPer into the office, he is going to raise it just like Obama. Except the money isnt going to be spent for the middle class, but big business and military.

JUST AS NAIVE as those who beleived OBAMA would make some RADICAL changes, you are equally if not more naive to think the GOP are here to help you. Unless you truly are the 1%, you are being spoon fed a huge lie

December 27, 2011 at 3:25 pm |

PaulC

Oh...I don't know...we endured 8 years of George W. so 8 years of Obama will be a pure joy.

December 27, 2011 at 8:26 pm |

yeah me

Amen, me and all the others enjoying unemployment cant wait for the handouts to begin! Woohoo, bring on 4 more years of pure extacy!!!

December 27, 2011 at 10:16 pm |

Charlie

In the words of Jenny "What are ya stupid?" We CANNOT Afford this. A $1.2 Trillion increase needs to be tied to $2 Trillion in spending cuts.

Insanity – Doing the same thing over and over and expecting a different result. _ Einstein.

December 27, 2011 at 2:20 pm |

Mike

This is going to happen. Get over it.

December 27, 2011 at 2:24 pm |

Denny

You're an idiot

December 27, 2011 at 2:32 pm |

skysgirl

Yep....get over it....it is what going to happen ! OBAMA 2012 !!

December 27, 2011 at 2:49 pm |

dionysus

"Insanity – Doing the same thing over and over and expecting a different result."

You mean like trickle-down economics?

December 27, 2011 at 2:25 pm |

bucca.biscuit

Check the economic data, Moron. Reagan's policies worked very well.

December 27, 2011 at 2:34 pm |

Dean

Ever been hired by a poor person?

December 27, 2011 at 2:41 pm |

dionysus

Nope. But the real job creators are the middle class who drive up demand which increases the need for employment. What doesn't create jobs is simply giving rich people more money.

December 27, 2011 at 2:46 pm |

Doug

Right, the same middle class that wanted cheaper goods at Walmart and basically helped ship jobs overseas, that middle class?? You can blame the rich all you want for the ills of the country but it is the actions of all of us that resulted in this mess...

December 27, 2011 at 2:50 pm |

ddblah

Particularly, when the riches can spend/invest money elsewhere such as China, India, etc.

December 27, 2011 at 3:03 pm |

Stephen in VA

"Ever been hired by a poor person?" Actually, I have. Several times. And now, later in my career, I have made a great many hiring decisions despite the fact that I'm not wealthy by any means. What the folks who have drunk the Koch Kool-aid don't realize is that it's middle-level managers throughout the nation, not the wealthy, who make hiring decisions day in and day out.

December 27, 2011 at 3:09 pm |

Rob Stumpf

"the real job creators are the middle class"! No, of course not. The real job creators are the people that create jobs. A middle class person that wants to buy more stuff obviously isn't the person that's going to employ you.

December 27, 2011 at 4:10 pm |

jean2009

@dionysus...Money obviously does not trickle down in our country; it is more like a gusher it rushes to the top.

December 27, 2011 at 4:40 pm |

sharoom

I agree. OK so you give the "job creators" more money. You think they are going to start hiring here in America? No way, because right now there is still no demand from people who ALREADY HAVE JOBS. The rich won't utilize the unemployed if they can't sell anything to the middle class. Besides, the "job creators" are already rich. They don't need extra money if they see profit in hiring. The only thing the rich will do with the money is hold on to it or, if they're feeling more confident, invest it. Problem is, investment in infrastructure and businesses overseas in developing countries is their most attractive option. The only way to save this economy is to get the middle class to start spending and consuming again. It's the reason why economists so closely watch the amount of spending during the holiday shopping season. Bottom line is people need to spend while not saving and sitting on stagnant money. It's counter-intuitive but a healthy economy needs to move money around.

December 27, 2011 at 5:22 pm |

BillSD33

Dean, are you saying that if we did not give over $4 trillion in tax cuts the unemployment rate would be even higher? If these "tax breaks" were for "job creators", where are the jobs? Just asking!

December 27, 2011 at 6:49 pm |

Unsifted

No, like redistribution of wealth, dope weed.

December 27, 2011 at 10:32 pm |

ddblah

Einstein did not understand probabilistic events. When you throw a coin twice, you may actually get two different results!

December 27, 2011 at 2:26 pm |

azad

Due to the overwhelming stupidity of this post, any previous/subsequent posts by you that contain an iota of value will simply have to be attributed to luck...

December 27, 2011 at 3:45 pm |

Sj

You sir, are an absolute idiot

December 27, 2011 at 3:52 pm |

dantheman

Idiot. I'm pretty sure Einstein understood mathematics better than you. Of course you would need a lot more that two coin flips to determine a probability of any one face turning up. If you flipped a coin 100 time and it landed heads up 47 times, you might guess that were the test repeated you would come up with similar results. To expect to see the coin turn heads up 96 times, by Einstein's definition, would be insanity.

December 27, 2011 at 4:02 pm |

dantheman

Also, the quote is intended to be metaphysical not necessarily literal.

December 27, 2011 at 4:05 pm |

Charlie

@dionysus – It isn't about trickle down or up. It is about the flow of money. We can't keep dipping into an empty well and expecting the flow to increase. Government needs to stop trying to influence the economy and let the economy run itself.

December 27, 2011 at 2:28 pm |

ddblah

Right, particularly when it is dying.

December 27, 2011 at 2:30 pm |

dionysus

The problem is that the money keeps flowing up. What we need to do is regulate the economy so that already rich people can't milk every penny out of it and so that the middle class has a chance to keep up. Letting the economy run itself is only asking to be returned to the days of the robber barons or the 1920's stock market crash. Those are the absolute last things we need now.

December 27, 2011 at 2:48 pm |

strangerq

Insanity – Doing the same thing over and over and expecting a different result. _ Einstein.

^ voting GOP you get Herbert Hoover and great depression.
^ voting GOP you get W and Cheney and great recession.
^ continuing to vote GOP anyway ====== INSANE.

Good point.

December 27, 2011 at 2:47 pm |

rcos

This is the same 1.2 t that is already benn approved by both parties, not a new amount!!!!!!!!!!!!!!!1

December 27, 2011 at 2:51 pm |

Thelookingglass

Charlie see Cyrus!

December 27, 2011 at 3:06 pm |

Tschrny Wolf

do not quote Einstein out of context. Needed expenditures must be funded. Your fear to stop
getting richer is over, man or lady. Fair is fair. Since you refused to pay due taxes, another way is
needed to fund services the middle and working class need to survive and get jobs.

December 27, 2011 at 6:09 pm |

Purple

It's too late – Reagan and the Bushes didn't pay for 10.7 Trillion in debt, so we have to pay it now... Blame them if you don't like it.

December 27, 2011 at 7:04 pm |

yoyo

Start the presses!! Water down our hard earned Dollar!!

December 27, 2011 at 2:20 pm |

OldMo

Weren't the old people going to starve and the soldiers going to have to get shot at for free if the debt ceiling wasn't increased just a few months ago? Spend, borrow, print. Spend, borrow, print. Spend, print, print. What could go wrong? Remember folks, "It's for the children."

December 27, 2011 at 2:20 pm |

Gus

Great more trip. Just spent 4 mill on his vacation!

December 27, 2011 at 2:20 pm |

wa2go

I am a US Citizen, and I vote, and I DO NOT APPROVE of raising the debt ceiling any further. Stop the madness. NOW!

December 27, 2011 at 2:21 pm |

rad666

Any chance of getting major corporations actually paying income taxes?

December 27, 2011 at 2:21 pm |

defff

oh great, take more wealth from the american people please. i'd love to live in a socialist utopia, since it works out so well as we have seen in europe...

December 27, 2011 at 2:21 pm |

1nd3p3nd3nt

unless this is tied to permanent cuts and a tighter budget for washington, we are going to lose our minds.
at some point we have got to stop borrowing.
I like obama, but i also like fiscal responsibility. Enough is enough with the borrowing. If we increase the ceiling again, we HAVE to make sure it's tied to permanent cuts in our spending otherwise it's a nonstarter.
I'm not a tea partier, but i do understand the need to trim some fat off of government and I agree with it.

December 27, 2011 at 2:21 pm |

MichiganMoon

Obama's last annual budget proposal got ZERO votes in the democratically controlled senate. Will an annual budget ever pass on his watch...this is a unique thing for Obama's presidency...the inability to get an annual budget passed, can't blame it on the Republicans either since he had 60% of congress for 2 years.

If I were massively in debt, and were approaching my limit, would it be more wise to sacrifice in some areas to reduce my spending and come up with a plan to re-pay the debt? Or, should I call my credit card company and request an increase in my credit limit? This is a joke. If he wants a higher credit limit, he can pay for it in the future. I don't want to. And, I disagree with this move. Very strongly disagree.

December 27, 2011 at 2:23 pm |

what!?!

Simpletons – go do some research as to what the Debt Ceiling is before posting stupid comments.. The man is actually writing in our debts on the ledger instead of letting it fly around in lah lah land ...

December 27, 2011 at 2:23 pm |

freedomdem

Barry, be a man and make some cuts. just borrow more money so things don't look bad on your watch. man the f up barry.

December 27, 2011 at 2:23 pm |

Renee

2012 Yes we can

December 27, 2011 at 2:23 pm |

Funny

Can what?

December 27, 2011 at 2:24 pm |

CDubb

....vote him out!!!

December 27, 2011 at 2:31 pm |

Tee

Yes, you can lose. This token president is a one-timer.

December 27, 2011 at 2:51 pm |

Bill

Yes, you can run this country into extinction. And you're doing a darn good job of it. I give us 2-3 more years and we'll be toast. Doesn't matter if Rep or Dem in office. We're done... it's just a matter of time. It's happening right before your eyes and you can't even see it. All you're worried about is the Kardashian's, etc.

December 27, 2011 at 2:54 pm |

Brad

No we won't! One and done!

December 27, 2011 at 3:04 pm |

James Harrison - Saint Petersburg, FL

Let's see if the GOP can get our credit downgraded even further........their tactic seems to be: Destroy the American economy then turn around and blame it on Obama.

December 27, 2011 at 2:23 pm |

Bob O.

Give Obama a break. Doesn't every responsible person and company get their credit card limit increased every 4 months?

December 27, 2011 at 2:23 pm |

reza

I can't believe some of the note left on this page. People act like Obama is responsible for this. But if he wanted to raise your taxes you'd be like NO way, I can't afford more taxes. Then you send representatives to the congress who wouldn't allow raising taxes on billionaires. So what is he supposed to do? Is he supposed to cut military expenses? Is he supposed to cut services? what options does the man have?

December 27, 2011 at 2:23 pm |

Manie

this is what tyou calll deliberate insanity. it cant be more clear than this. this excersie of quantitative easy will not end well. they never do. hold on falks cause 2012 is gonna be a rough ride if the system does not entirely breakdown

December 27, 2011 at 2:24 pm |

Kaathoga

Not One more penny!

December 27, 2011 at 2:24 pm |

Count Boogie

WHY NOT MAKE IT 10 TRILLION!!...I don't have kids that will have to pay it off...I got a vasectomy when I was 23....just make sure that I at least get some health care (which I haven't had since I was 14)...spend MORE.
ON MEEEEEEEEEEEEEEE!....I could also use a place to live and free beer...I don't care who pays for it...I'll be dead soon.

December 27, 2011 at 2:24 pm |

Bill from Long Island

Why? For more war? For military bases around the world? For poor families making more babies? For welfare recipients more afraid of work than hunger? For corporate dumbos who can operate a calculator let alone a major company? For the alphabet soup of armed federal agencies that make regulations instead of having congress make laws? North America needs 8 or 10 countries, not 3. America is gone, there is only the United States Government lurching from crisis to crisis. I thought I would never see a president as bad as Bush, then Obama proved me wrong.

December 27, 2011 at 2:24 pm |

anchopoblano

Funny, that is the same amount I asked my credit card company to raise my limit to.

December 27, 2011 at 2:24 pm |

Dennis D

Time to drop the credit rating more. When will they learn that It's time to stop spending!

December 27, 2011 at 2:24 pm |

Pat

Every time I hear the wingnuts complain, I know Obama's doing something right!

December 27, 2011 at 2:24 pm |

Steve from NY

Please keep the facts straight on this one – This was a republican/democrate deal put together a few months back.

December 27, 2011 at 2:24 pm |

steve

More spending more spending more spending. when will they get it, last summer and this fall and now this winter. You are witnessing the demise of this great economy. The saddest part is we are our own enemy we are whats the matter with this. the gov thinks they are not answerable to the populous its getting very close to the time to make sure they hear us.

December 27, 2011 at 2:25 pm |

bipar

we are not our own enemy, the government is our enemy

December 27, 2011 at 2:26 pm |

ddblah

Is that why GOP wants to be the government?

December 27, 2011 at 2:30 pm |

steve

we are the gov

December 27, 2011 at 2:31 pm |

Jariv

If the government was our enemy you would be dead. Its a little stream than what you actually mean but what you think is not necessarily true. Its just that they don't care much about us. They are starting to change for the better in the Republican party side and they are trying to save the country while the Dem. want to spend when everyone is talking about reducing the debt and spending less.

December 27, 2011 at 2:35 pm |

Mark

More Reagan nonsense. He was the one that started all this with his trickle down(up) economics. Cutting taxes over and over again has placed a huge burden on future generations so this generation can live high on the hog. Not paying for 2 wars has put a huge burden on future generations. Putting in place a huge Medicare program without a plan on how to pay for it has put a huge burden on future generations.

December 27, 2011 at 2:40 pm |

ddblah

Jariv: you need to know reducing government spending when the economy is bad is equivalent to committing suicide.

December 27, 2011 at 2:49 pm |

Unsifted

ddblahblah, only if you're Keynesian delusional.

December 27, 2011 at 10:37 pm |

ddblah

This is government's credit meant for: saving the economy by spending the credit when the economy is bad. If you don't understand it, please educate yourself first. Being ignorant is no longer a thing to be proud of.

December 27, 2011 at 2:28 pm |

steve

Are you trying to make some Keynesian reference here. We can not spend our way out of debt, read anything by Henry Haslett and you will start to understand.

December 27, 2011 at 2:34 pm |

Leslie

You are sooo right.

December 27, 2011 at 2:41 pm |

ddblah

Who says we should spend our way out? Government spending is to give the economy a little chance to recover.
One thing for sure, if government does not spend, the economy will be dead.
By the way, I don't care who said what. I only care what works.

December 27, 2011 at 2:43 pm |

ddblah

Leslie, it is not other's people fault if you can't understand. It is your own ignorance that you should blame.

December 27, 2011 at 2:44 pm |

Trace

ddblah...Correct!

Keynesian (SIC)....Cyrus, care to expound on this economic approach for the unlearned, or the patently ignorant here on this site?

December 27, 2011 at 4:40 pm |

throwemallout

ddblah, what liberal PAC do you work for? If you have hours upon hours to post about your left wing rants, you either are unemployed or are a paid board troll. Judging by your rants, paid board troll.

December 27, 2011 at 5:45 pm |

Mike

Government spending is the only thing holding this country together. Do you think people would stand for 1% controlling 60% of the wealth if there wasn't something in it for them? Marx had it wrong- government spending is the opium of the people- not religion. But now, the the pyramid scheme is falling apart. The 1% still controls 60%- and growing, but now the people have to get weaned from the government teat. What's next? OWS is just the beginning.

December 27, 2011 at 2:30 pm |

steve

No unfortunately just the opposite is in effect. No matter what every dollar the gov spends is one less dollar that can be productive in an economy (everyone understands the necessity of gov, the debate is how big). The only thing that makes an economy grow are self sustaining jobs, the gov does not have any of these hence it will not help grow the economy. A secondary consequence is a bureaucracy that continually tries to justify itself hence more reg and more restriction requiring more gov in the spirit of good for all. Currently our GDP is less then 14 trillion, we spent 3.7 trillion on gov expenditures last year and more is scheduled for next. As our GDP decreases and the share of gov spending increases it has to come from somewhere, currently the fed just creates it out of thin air. Decreasing the buying power each time it does. At some point it will be obvious to the world we will not be able to payback our loans with like value dollars and they will stop buying our bonds.

December 27, 2011 at 2:47 pm |

ddblah

Steve: did you assume that every single dollar that the government spends is from our own economy? Is that really true? Have you heard the term "foreign debt"? Google it.

December 27, 2011 at 3:00 pm |

Mike

You miss my point- I agree it's a house of cards, but the politicians maintained it as long as possible to keep the masses happy while the 1% made a killing.

December 27, 2011 at 3:02 pm |

Hn1999

This is not new spending. The limit increase is to borrow for things that has already been approved by congress! We wouldn't need to increase debt ceiling if Congress get pass a bill to cut spending. 1 Trillion is not gonna make that much difference the next 10 years. Super committee also failed. What is Obama to do when Congress can't get things done to reduce the debt?

December 27, 2011 at 2:37 pm |

Dan, TX

Government spending is going down under Obama. The number of federal employees is decreasing and adding to unemployment. The size of government is getting smaller and smaller under Obama. Because tax revenues are the smallest they've been in years, of course you can't cut spending fast enough. I suggest suspending social security payments for 10 years. The elderly can be cared for by their children and by charity. I realize that these people paid into the social security system, but we are broke, so it only makes sense for the elderly (who got us into this mess) to pay for it.

December 27, 2011 at 3:00 pm |

Duane

Dan, you have got to be kidding, have an unlimited supply of money, have a very large family, or are just an uncaring Texan. Why not just let the elderly die after they reach retirement age. Why not just give them all the money they put into social security with all the interest it made over the last 66 years. That's the dumbest post I have ever read.

December 27, 2011 at 3:36 pm |

nannimoe

@ Dan, TX..........."cut SS payments for 10 years and have the elderly be cared for by their children or charity", hey Dan, you'll be old someday, will your children care for you........don't hold your breath. With your kind of mentality your children most likely have already dumped you to the curb......MORON

December 27, 2011 at 3:43 pm |

Snowbird

Dan, that is plain crazy. For older citizens that paid in 50-100k or in that proximity, social security is not an entitlement. It was a government program where taxes were taken out of our checks so we could receive payments when we reached the age requirement. It is not up to charity and family to provide the dollars that we paid into social security and are counting on when we start drawing.
Don't knock people who have contributed to SS for their entire work years. It isn't your money or the governments money to take away from the people who have paid in.

December 27, 2011 at 4:53 pm |

Mark

Ok, so all of the people that built this nation with blood, bad pay, no laws to protect their jobs or income, who had it WAY harder than us should pay for it?

IMO, think they already have.

Who needs to pay for it is the young. Get a job no matter how menial and stop sucking off unemployment. Stop having kids, cut up your credit cards and only buy what you can pay for. the young have ruined this country with their laziness and self entitlement, as well as their poor choice in votes.

The young are spoiled and need to learn what it was like to build a country.

December 27, 2011 at 5:46 pm |

Ben, DC

You know what Dan? I'm actually for making the Boomers foot the bill. They're the ones trying to cut all social and federal spending for us millennials, why not make them shoulder the burden then. See how they like it.

December 27, 2011 at 6:11 pm |

smee2

What planet do you come from? Blame the elderly? Cut their only income? Go back to your shack

December 27, 2011 at 6:36 pm |

Thelookingglass

Steve see cyrus for clarity!

December 27, 2011 at 3:07 pm |

jean2009

Steve honey, it had already demised in2008 ...they are now working on the heart transplant to revive it.

December 27, 2011 at 4:43 pm |

Tschrny Wolf

Really? and the costly mansions, swimming pools and furniture you had built cost five cents, right? hahaahahahahah, you cynical bastards.

December 27, 2011 at 6:12 pm |

Alison

"The latest request is the third of three requests authorized by the contentious debt ceiling agreement reached last August..."

So that means it's not a new request... just the last of 3 approved by the agreement that occurred in August, correct?

December 27, 2011 at 2:25 pm |

Mike

That's right. And the GOP cowards who know this HAS to happen, negotiated a deal where they pass a resolution against it, which the President then has to veto to make it happen. Devious, no?

December 27, 2011 at 2:33 pm |

Alison

I just wanted to make sure I read and comprehended correctly, because you know some Beck/Limbaugh regurgitater is going to say this is a NEW increase and OMG SPENDING Obama must go now!

December 27, 2011 at 2:38 pm |

Tschrny Wolf

REmember the republican demagogues exploit dead ideas and fantasies to fool naive followers. President Reagan and even Bush also raised national debt ceilings, so the present negative republican reaction is pure hypocrecy.

December 27, 2011 at 6:17 pm |

skysgirl

You've done your homework Alison A+ Obama 2012 !!

December 27, 2011 at 3:09 pm |

bipar

the government doesn't know how to budget the money they already have.
what do they want to do spend more money on more stupid projects so the rich get richer?

December 27, 2011 at 2:25 pm |

ddblah

Yeah, like paying unemployment to unemployed can get people richer?

December 27, 2011 at 2:32 pm |

Tschrny Wolf

How deluded are you? Your republicans just cut so much vital funding like food safety and border defense, etc. and you claim the govt. has moneyj? rather large banks stole that money.

December 27, 2011 at 6:20 pm |

Lucifer

Even I would not be making moves so bold with the dying dollar. LOL

December 27, 2011 at 2:25 pm |

Sj

I thought that when you laugh iit is "Mouhahahahaha hahahahaha!!"

December 27, 2011 at 3:58 pm |

Tschrny Wolf

Well, that is because you are a coward :))))))

December 27, 2011 at 6:22 pm |

riazzo

Here we go ONCE again! Hey Obama followers.....go youtube obama campaign speeches and find the one that he says he is going to cut the national debt in half by the end of his first term!!!!!!!!!!!!
PEOPLE WE HAVE TO PAY ALL OF THIS BACK!!!!!!!!!!!!! iMPEACH DUMB AND DUMMER!

December 27, 2011 at 2:25 pm |

g

Wow!!! CNN must be thrilled! Another sign that their wonderful leader is doing a great job. However, why is Obama only looking to spend another $1.2T??? He can do that in an afternoon. I guess he'll just come back for more when this round of spending doesn't accomplish anything positive....but don't worry, it won't be Obama's fault.....just ask CNN.

December 27, 2011 at 2:26 pm |

Bill from Long Island

Its not about the raising the debt ceiling... it's about selling the bonds that finance that debt. Economic reality check...eventually borrowers must stop borrowing, or eventually the lenders must stop lending.

December 27, 2011 at 2:26 pm |

drp146

Just wait, the Republicans will play more of their political games and we will see the nations credit rating downgraded yet again.

December 27, 2011 at 2:27 pm |

glyder

two thirds of this country will think that raising the debt celing is a good idea.after the media,dems and republicans tell everyone the tea party is extreme,that number will jump to 75%.good thing those three are united against the tea party.

December 27, 2011 at 2:27 pm |

Tschrny Wolf

Of course it is; raising the debt ceiling deals with continuing economic recovery and creating jobs.

December 27, 2011 at 6:24 pm |

sakibaba

Old news CNN. This was already agreed to in the summer debt ceiling drama. And to all the morons who do not know squat. This ceiling is to pay your previous bills already incurred not for future spending you dimwits.

December 27, 2011 at 2:27 pm |

mammaearth

That a boy ohblahblah,,keep that vacation fund afloat.

December 27, 2011 at 2:27 pm |

Chris

So they are just ignoring the need to reduce spending/increase taxes(whichever you are in the opinion of) and increase the national debt. Hopefully, I missed something.

December 27, 2011 at 2:27 pm |

MightyMo

This nation is in so much trouble it's insane! First, it was bush and his tax cuts, push to put a home in every pocket, and of course his most important legacy, the ten year unfunded war!
Now there is Obama, only making it worse thanks to a Republican Congress that obstructs everything of any importance. Obama must spend money, he has to. Unemployment, military, infrastructure, and overall tax cuts are all necessary evils. The problem is that the tax code is so screwed up, that we are increasing the debt unnecessarily. I strongly support a flat tax, but at a minimum the rich must pay their fair share. Neither would get us out of debt, but the deficit wouldn't be so large if everyone paid a fair share of the tax burden.

December 27, 2011 at 2:27 pm |

MFord66215

How is it that all these republicanites forget that it was the Democrats and their policies that created the surplus that the Republicans have managed to spend on the defense industry? Seriously folks, go do a little research on the subject – say back to the Nixon administration to check your facts. Example – Newt's newest commercial talks about how Reagon dropped the unemployment rate by 2% in one month....without mentioning that all they did was start counting people in the military as 'employed'; which they'd never been counted as before.

Still I agree with Armyvet66 – no more games people, time to get to work.

December 27, 2011 at 2:28 pm |

Ryan

This is insane. People are to stupid to understand that regardless how many times the debt ceiling was raised before it needs to stop NOW and not be allowed to continue. Wake up people this isn't an R/D debate this is a matter of America's survival....

December 27, 2011 at 2:28 pm |

MurphInFlorida

If our congress allows another increase in the debt ceiling, they all should be ashamed of themselves.
Get ready for a REAL REVOLUTION....wake up America, you are getting fleeced over and over again.

December 27, 2011 at 2:28 pm |

palintwit

Step 1: Get a very large sack.
Step 2: Put entire 2012 GOP line-up in the very large sack.
Step 3: Put Sarah Palin in the very large sack just for sh!ts and giggles.
Step 4: Beat the sack with a ball bat or 2×4. Your choice.
Step 5: Observation... you'll hit the right one every time !

December 27, 2011 at 2:28 pm |

superfudge1

You can't escape the fact that your president has tripled the debt in three years. What an astounding achievement.

December 27, 2011 at 2:30 pm |

Jack63

Or skip Steps 1-5 and just whack you and get an even better result.

December 27, 2011 at 2:32 pm |

Teaneck

I say do the same to the Democrats.

December 27, 2011 at 2:33 pm |

palintwit

"Teaneck"? Does that mean you're a teabagger / redneck?

December 27, 2011 at 2:41 pm |

Macoda

Love it!

December 27, 2011 at 2:47 pm |

glyder

step1.pretend that the establishment dems and gop are really that different.2.hate palin and go through her emails as you were instructed.3.blame the tea party for everything as you have been instructed by the media and those in step 1. 4.pretend like you have accomplished a great feat.5.go vote 6.observe your ass being beaten with a bat or 2×4,your choice by the same people you praise.

This is just seriously pathetic next to last week's glorious victory on on the payroll tax cut. Come next November, if you don't understand that Americans are going to have to pay all this money back, you deserve what you get. Keep voting for people who don't care about practicing good stewardship of our county's collective money. If state governments and find a way to balance their budgets, I don't think its too much to ask that the federal govt do the same.

December 27, 2011 at 2:29 pm |

charlie avila

This usa president, will default the country, by next year 2012. Are the republicans in congress afraid of him?. Obama will destroy and weaken the usa and the american people, is evil!!!...impeach him immediatelly.....

December 27, 2011 at 2:29 pm |

jj

Obama just doesn't get it does he?

December 27, 2011 at 2:29 pm |

Lardeau

This will NOT end well. Nobody can continue to go deeper in debt every day and survive. Compound interest is an absolute KILLER !!! How can all these elected officials be so naive ? Bernanke is laughing all the way to the bank. Oh wait a minute .. he IS the Bank !!! He OWNS America. And what he does not completely own .. the Chinese own the rest.

December 27, 2011 at 2:29 pm |

Joey

19 times!!!!!!!!That is how many times Ronald Reagan raised the debt ceiling during his presidency.

December 27, 2011 at 2:29 pm |

JaxGrimm

Whats another 1.2 trillion between friends? Right?

December 27, 2011 at 2:29 pm |

Kevin O.

WHAT WHAT WHAT!?!?!

NO!!!

Extend a tax cut and then ask for a debt ceiling raise? NO!!!

December 27, 2011 at 2:29 pm |

Chris A

This is why Ron Paul is needed in the White House. Everyone on here complains and complains about the same thing happening yet again. If you truly want change vote Ron Paul. Balance the budget in 3 years, and has an actual plan to do so.

December 27, 2011 at 2:29 pm |

Jariv

Is this a joke from the President ? I can't believe he asked that. I am sure there is got to be a problem in this. How can a president instead of cutting the spending asks for more money.

December 27, 2011 at 2:29 pm |

criticalthinker

Obama is not a dictator and cannot choose to not spend money on budget items and laws that have already been passed!

Do you understand that it is Congress and not the president who proposed the budget and has already authorized the spending that is causing the debt ceiling?

The debt ceiling is not a vote about the FUTURE, it is a vote affirming what was already AGREED to in the past!

December 27, 2011 at 2:36 pm |

ddblah

Right, where were you when Reagan, two Bush's asked to increase debt ceiling?

December 27, 2011 at 2:46 pm |

Scott

what about Clinton? See alison's post at 2:32 pm; he's not excused from this debt ceiling mess.

December 27, 2011 at 2:54 pm |

Bill

ddblah, get your head out of your backside and open your eyes. Don't you realize that the Rep and Dem parties are both the same with regards to this crap? All politicians are crooks, liers and cheats... the only do things to help themselves and their friends. If you thing the Dems are better than the Reps, or vise versa, you're a lost soul. Both parties are taking us down. OPEN YOUR EYES!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

December 27, 2011 at 2:59 pm |

Alison

I'm fairly certain ddblah was bringing up the Bushes and Reagan to make a point, that it's not a Democrat thing. Republicans have done it just as much if not more. Debt ceiling increases are nothing out of the ordinary anymore.

December 27, 2011 at 2:59 pm |

Mike

We had surpluses under Clinton.

December 27, 2011 at 3:03 pm |

Bob

Didn't we balance the budget under Clinton?? So this mess was really created after the our debt ceiling was at zero. Am I missing something or is this just too simple explanation??

December 27, 2011 at 4:21 pm |

Mark

I guess no one here has learned that two wrongs dont make a right yet..

December 27, 2011 at 5:49 pm |

PR

Read the article again. It's the 3rd request of 3 already approved in the last DEBT ceiling debate. I capitilized DEBT because this isn't new spending, it's paying for what we already owe. This isn't money Obama is asking for to spend on something other than the US debt, you know like when you charge something and the credit card company sends you a bill for you to pay. That's all this is, and it's not Obama's expenses but previous administrations debt, not to say that he hasn't added on to the debt, but that won't be due for quite awhile.

December 27, 2011 at 3:27 pm |

SUNNY

He deserves nothing but a trip to jail along with Holder, Ayers, Soros, Napolitano, Reid, Pelosi, schumer and Durbin. Instead of any money to Obama and this dysfunctional Congress, I say they should fork up the money from all they have stolen from Americans, And, the best is s**t on a stick.

December 27, 2011 at 6:01 pm |

pat carr

Of course you missed all the republicans.

December 27, 2011 at 9:48 pm |

sharoom

Uh, reading comprehension? This debt ceiling increase is "the third of three requests authorized by the contentious debt ceiling agreement reached last August." Translation: this increase was already agreed upon and the president is following protocol in confirming its passage.

Sigh, I hate when the media plays with sensationalized headlines, because seriously the public is realllllllly stupid.

December 27, 2011 at 6:09 pm |

Tschrny Wolf

YOU ARE THE JOKE.yOU LIVE IN A FANTASY, RICH WORLD THAT ISOLATES YOU FROM THE HARD REALITY AMERICAN WORKING AND MIDDLE CLASS STRUGGLE IN DAILY. NO WONDER YOU CONDEMN WHAT YOU DO NOT KNOW.

December 27, 2011 at 6:31 pm |

RANDY JONES

1.2TRILLION HAVE YOU LOST YOUR DAMN MIND. HAVE A NICE DAY

December 27, 2011 at 2:29 pm |

Nick

If I'm understanding this correctly, he wants to again raise the ceiling so that he can pay for our debts with more debt? When will candidate Obama learn? Also, it seems; if there isn't a joint disapproval from congress in fifteen days, he's enabling himself to do it anyway. Talk about coercion. This is the same self destructive, "point the finger elsewhere" behavior that warranted the school yard arguing we saw all year between the Senate and the HoR. I hope for our country this man gets elected out of office next year.

December 27, 2011 at 2:30 pm |

Robert

STEP AWAY from the credit cards Mr. Obama!

December 27, 2011 at 2:30 pm |

mammaearth

badee badee that's all folks

December 27, 2011 at 2:31 pm |

CAMEO35

...LOTS OF GOVERMENT CONSTRUCTION JOBS WILL IMMEDIATLY START FROM THAT MONEY.....

December 27, 2011 at 2:32 pm |

criticalthinker

The debt ceiling was IMPLICITLY set by every Congress when they voted to approve and by every president when he signed the budgets whose spending will cause it to be exceeded!

An obsolete law requires that Congress EXPLICITLY affirm that number, and Obama as the current chief executive has to remind Congress of their duty.

This has nothing to do with Obama, and unless you think he can build a time machine and go back and unapprove the past budgets and laws that are adding to debt, it is IGNORANT of anyone to suggest Obama cannot remind Congress of their duty!

December 27, 2011 at 2:32 pm |

Sheila

OBAMA HAS SPENT MORE THAN TEN TIMES WHAT GEORGE W. BUSH DID IN BUSH'S ENTIRE TWO TERMS... AND IT'S ONLY YEAR THREE FOR OBAMA! He's just getting started, folks.

December 27, 2011 at 2:32 pm |

penguin

What's needed is a spending cut along with returning to the tax rates pre-Bush. A good start would be to cut the size of the Senate and Congress in half. In this modern age of instant communication we don't need so many "representatives."
Also raise the capital gaines tax rate. It should not be smaller than the earned income tax rate.

December 27, 2011 at 2:33 pm |

Indiana Bill

For those with obvious ADD, this year-end request for an increase in the debt was agreed to months ago by the Dems AND the Tea Party (er, GOP). It was a long fought over compromise that satisfied everyone at the time (but the threat to not increase the debt led to the 'Tea Party Downgrade' ... remember that?). Yes, Obama has the nerve to do what he agreed to months ago, but I am amazed that ANYONE is surprised, even members of the Tea Party (er, GOP).

Great – looks like 2012 will be more of the same from 2011. Happy days!!!

December 27, 2011 at 2:34 pm |

Bobby

Ah, the debt clock continues to spin out of control. No budget and no limits. Spend, spend, spend. Increase and expand social programs. Give folks incentives not to work. Free, free, free. Allow illegals to come in and do slave work. US citizens? Sit on your butt and draw a check. We have access to quadrillions.

December 27, 2011 at 2:34 pm |

Tschrny Wolf

Rather, President's Obama's plan prevents another economy collapse from happening after a natural catastrophe like Katrina or accident like the oil spill in the gulf of Mexico hits. Also terrorism strikes and destroys millions of homes. Raising the debt ceiling does not mean spending all of it. Rather creating businesses that hire war veterans and returning soldiers and feed hungry students as well as helping home owners pay their mortgages.

December 27, 2011 at 6:37 pm |

brian mchugh

I'm seriously beginning to think that this man is intentionally trying to destroy our country. And if Congress allows this, I'll think the same of them. We need Ron Paul, badly, it's not even an option anymore i feel like!

December 27, 2011 at 2:35 pm |

sbilly

In the words of Dick Cheney
"deficits don't matter"

December 27, 2011 at 2:35 pm |

CAMEO35

...........THROW IN THE TOWEL REPUBLICANS...OBAMA HAS 2012 ELECTION IN THE BAG......

December 27, 2011 at 2:35 pm |

Donovan

The U.S. Government does not serve the U.S. people, it serves those well connected enough (lobbyists, etc.) to get attention. It does not matter of 85 or 90% of people want a balanced budget. The democrats need to give favors (spending) to their folks, and the republicans need to give favors (tax cuts) to their folks. There is no incentive to balance the budget, because doing so would deprive the members of government their primary tool of getting elective: doing favors for wealthy campaign donors.

what? i cant beleive you guys–been reading just now the comments-you are blaming the CONGRESS for this?

WHAT?

have you been following what is going on? The progressives in power all f crazy. Reps are in a narrow political box and cant get them to agree to something sensible without losing the political game. its game over.

December 27, 2011 at 6:38 pm |

Tschrny Wolf

After spending it on needed things, keep some for unexpected catastrophes and future repairs. Make laws to prevent presidents like walker bush from giving his rich elite those national funds.

December 27, 2011 at 6:42 pm |

Dean

The Quote of the Decade:
“The fact that we are here today to debate raising America 's debt limit is a sign of leadership failure.
It is a sign that the US Government cannot pay its own bills.
It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government's reckless fiscal policies.
Increasing America 's debt weakens us domestically and internationally.
Leadership means that, "the buck stops here.'
Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren.
America has a debt problem and a failure of leadership. Americans deserve better.”
~ Senator Barack H. Obama, March 2006

December 27, 2011 at 2:36 pm |

Donovan

The U.S. Government does not serve the U.S. people, it serves those well connected enough (lobbyists, etc.) to get attention. It does not matter of 85 or 90% of people want a balanced budget. The democrats need to give favors (spending) to their folks, and the republicans need to give favors (tax cuts) to their folks. There is no incentive to balance the budget, because doing so would deprive the members of government their primary tool of getting elective: doing favors for wealthy campaign donors.

December 27, 2011 at 2:37 pm |

Robert

oh, Hey Dean!!! Btw, wasn't this taken before the massive bank bailout in 2008 by bush, you know, the one RIGHT BEFORE obama took office? Wasn't that debt ceiling increase for more WAR FUNDING? Not SAVING OUR A**? oh, that didn't matter.. huh.. cute soundbite quote.. has nothing to do with this, but w/e

December 27, 2011 at 2:42 pm |

Mike

The economy was solid in 2006. We've now had the worse recession since the Great Depression, and some hard heads out there are too stupid to get it, or find it more convenient to ignore it.

December 27, 2011 at 2:47 pm |

Charles Bowen

Sounds like business as usual to me .I've been here for 63 years and the only one to have a surplus in all those years has been Clinton and we all know where that got him. Americans are Greedy Selfish and Ignorant of the world around them. We are to blame for our problems all of US....................... Charles Bowen Solomon Stone

December 27, 2011 at 2:49 pm |

Ollie

100% agree...selfish, greedy and ignorant to the world around us, most of us aren't willing to stand up for something so the establishment has us falling for anything....

December 27, 2011 at 3:10 pm |

chris

if there was a surplus during the clinton years then why didn't the deficit reduce? just another fallacy spewed by self-serving politicians and repeated by the brainwashed.

December 27, 2011 at 5:46 pm |

Doug

Zing!

December 27, 2011 at 2:53 pm |

Trace

@Dean,

What a weak post! ! ! Have you not noticed the intellectual heft on this site? And you still try to post a such a vaccuous quote to support a position that is no longer pertinent to the current debate? Dude...you are the essence of irrelevant. Geesh....stand-up, make an arguement, not just cheap faux-y newsy bumper sticker slogans. Let's keep this debate going, because rational thought is winning out at this point.

Ok...now try again or just go back to Kennedy "...ask not what your country, etc" Seriously don't use that one...its also out of context LOL

December 27, 2011 at 4:54 pm |

Tschrny Wolf

Your using retroactive claims and the words of democratic leaders like Truman shows how out of your own claims you and your tea party or republican party are.Nobody knows crucial needs of a President who needs repair a crumbling country and its infrastructure. So you dont really know.

December 27, 2011 at 6:48 pm |

Christine

Obama has spoken and told us we need to increase our tax base and decrease spending.

The Republicans have done nothing but stonewall pushing to CUT taxes and decrease our tax base and government.

I'm sorry, the debt we are accumulating is growing at an insane pace.

Let me make this simple.

Our economy is an apple tree. The tree holds only so many apples.

We are getting 10 apples but we promised the least amongst us (elderly, sick, poor) 15 apples.

Obama says we need to pick 2 more apples and come up short 3 which will mean some have to go without..

The Republicans want to cut 5 apples and only pick 7.

Obama can do basic math.

Now you can say the tree only has so many apples and that's true but it's pretty clear that 1% of the people picking from the tree are taking 60% of the apples. Obviously we tell that small group of pickers to be less greedy and give a hand up to those that are more in need. That is, in fact, one of the functions of government.

Failure to do this will destroy domestic tranquility. Failure here is going to start a big food fight.

The debt limit is approaching $50,000/person. That's more than a years salary for most people.

We can't go with a Republican plan. It's backwards. We have to make a grand compromise increase taxes and decrease spending. There is no other way to fix this. The debate: Who is going to pay the most.

My personal opinion, we all are but mostly the rich. It will be 'temporary' but painful. They will have the choice to grow their enterprises and take a loss to do it or just give the money to the government. Hire people, pay more, make less...have less to give the government. Make more, pay less, have more to give the government. The debt will be paid either way.

When it's paid the surcharge will be done.

December 28, 2011 at 3:17 am |

Irked

If you keep voting in the same people in year after year, then your going to get the same year after year. Instead of picking a name because you've seen it before, do your homework, know what your represetatives record is. I know there are two in Maine that I won't be voting for next year. How about you? Debt ceiling, it doesn't matter out money isn't worth the paper it's printed on anymore its just an illusion.

December 27, 2011 at 2:37 pm |

Sirned

OMG..Another chance for Republicans to shut down the Government.

December 27, 2011 at 2:37 pm |

Jeff

The debt ceiling should be raised to $100 Trillion so that we won't have to deal with the reality that the US is bankrupt and its only a matter of time before the US Dollar goes the way of Zimbabwe's currency. Keep Obama in or elect an establishment republican hack like Gingrich and start a war with Iran. The US Empire is in it's final stages of existence.

December 27, 2011 at 2:37 pm |

Mike

It's not all about spending. Due to the recession, tax revenue declined 40%. Thre's no way to balance the budget right now, even under the most optinistic scenarios. And, by the way, the most optimistic scenarios include higher tax rates, which, thanks to their pledge to Norquist, Republicans can't even consider.

December 27, 2011 at 2:39 pm |

DB

So raise taxes and stop the Tax decreases, flat tax, do something beside just spend out of control. The piper has to be paid sometime with REAL money!

December 27, 2011 at 2:44 pm |

Mark

I agree with Mike. But your asking for Washington to act responsibly.

December 27, 2011 at 2:45 pm |

Tschrny Wolf

I do understand you and agree. I am disabled and my partner accidentally dropped me on broken pavement. My sister drives and complained how broken and hard to drive on are the highways in Viirginia. There is much to repair in America. President Obama is right.

December 27, 2011 at 6:53 pm |

bipar

make the gov. budget like we the people have to

December 27, 2011 at 2:39 pm |

Dan, TX

Exactly, not enough money, then we have to raise our income and cut spending. Raise our income by increasing taxes on everyone. Cut spending by cutting social security payment levels IN HALF, until the budget is balanced.

December 27, 2011 at 3:05 pm |

Tschrny Wolf

Dont worry, Mr. or Mrs. miserly, I qualify for ssa and my "hefty payments"" were reduced from 22 dollars to 20.
I lost a tooth but no ssa plan offers free refills, so as I age other teeth may fall.While John Bohener can afford expensivee dental treatments or dentures and gingritch and romney placidly grin full smiles and shiny teeth, we the people looose our teeth :(((((( welcome to capitalist "fairness."

December 27, 2011 at 7:01 pm |

ddblah

Yeah, as if it makes sense. Don't you realize a government is not a family? Even for a family, in the time of need, we do borrow. Isn't that how most Americans buy houses? You don't? You don't buy house or you don't borrow money?

December 27, 2011 at 5:47 pm |

Jason

As much as I don't like this... it is a neccesary evil.

Had the committee put forth a plan to both cut the budget AND raises taxes. The committee refused because they would not raise taxes. This is due to the fact that MOST of the Republican party ESPECIALLY the members of the Tea Party REFUSED to raise taxes. Right now those who belong to the 1% can afford to pay more in taxes. Does it stink YES! But until our economy gets better sadly those making less can not afford to pay more taxes. Same with most of our buisnesses, they need to pay more taxes and come back to America and put our people to work. To many jobs have been sent overseas putting Americans out of work.

Now I know people will start talking about the 47% of the population who are not directly paying income taxes... but they still pay taxes in one form or another. And as someone who works two jobs and knows families who's family members work full time and part time jobs and scrape to make ends meet they can not pay more. They are doing the best they can.

December 27, 2011 at 2:39 pm |

Mike in SA

Go figure. Gave him the CHristmas present he wanted, now? He wants to squander everything! Ever notice that he never has any decent cuts to services, just more and more and more debt increase. Just truely amazing.

One & done.

December 27, 2011 at 2:39 pm |

ddblah

Stop reciting FoxNews sound bites. It's childish.

December 27, 2011 at 5:48 pm |

Tschrny Wolf

When you or your dear relatives die in car crashes because of a broken highway, you will regret republican "savings" that indirectly caused your relatives to die or become paralyzed.

December 27, 2011 at 7:07 pm |

Edwin

Let me first state that I am under 40 and very worried about how to provide for my family. I am so tired of the debt we have as a country. The BIG drop that has to eventually come is just being postponed. So very sad. I have learned the lesson to LIVE WITHIN MY MEANS! I don't spend more than I make! At this point, I would just say hold on! I guess we will borrow another 1.2 Trillion from China?

December 27, 2011 at 2:40 pm |

joebofett

Under Obama the debt ceiling increased:
– by $789 billion to $12.104 trillion in February 2009, Obama's first year in office, under the American Recovery and Reinvestment Act;
– by $290 billion to $12.394 trillion ten months later, in December 2009;
– and by $1.9 trillion to $14.294 trillion two months later, in February 2010.

Under GW Bush the debt ceiling increased:
– by $450 billion to $6.4 trillion in June 2002;
– by $984 billion to $7.384 trillion 11 months later, in May 2003;
– by $800 billion to $8.184 trillion 18 months later, in November 2004;
– by $781 billion to $8.965 trillion 16 months later, in March 2006;
– by $850 billion to $9.815 trillion 18 months later, in September 2007;
– by $800 billion to $10.615 trillion 10 months later, in July 2008;
– and by $700 billion to $11.315 trillion three months later, in October 2008.

Under Clinton the debt ceiling increased:
– by $225 billion to $4.37 trillion in April 1993;
– by $530 billion to $4.9 trillion four months later, in August 1993;
– by $600 billion to $5.5 trillion two years and seven months later, in March 1996;
– and by $450 billion to $5.95 trillion 17 months later, in August 1997.

Under GH Bush the debt ceiling increased:
– by $70 billion to $2.87 trillion in August 1989;
– by $252.7 billion to $3.1227 trillion three months later, in November 1989;
– by $107.3 billion to $3.23 trillion 11 months later, in October 1990;
– and by $915 billion to $4.145 trillion one month later, in November 1990.

Under Reagan the debt ceiling was raised to:
– $985 billion in February 1981;
– $999.8 billion in September 1981;
– $1.0798 trillion September 1981;
– $1.1431 trillion in June 1982;
– $1.2902 trillion in September 1982;
– $1.389 trillion in May 1993;
– $1.49 trillion in November 1983;
– $1.52 trillion in May 1984;
– $1.573 trillion in July 1984;
– $1.8238 trillion in October 1984;
– $1.9038 trillion in November 1985;
– $2.0787 trillion in December 1985;
– $2.111 trillion in August 1986;
– $2.3 trillion in October 1986;
– $2.32 trillion in July 1987;
– $2.352 trillion in August 1987;
– and $2.8 trillion in September 1987

December 27, 2011 at 2:42 pm |

Sononi

Listen up folks. We have got to vote this burnt chicken nugget out of office. He is breaking our country and making a huge mess for our next president. Almost looks spiteful to me

December 27, 2011 at 2:42 pm |

DB

ABSOLUTELY NOT! Learn to live in your budget. Enough of the $4,000,000 vacations to Hawaii and waste like that by other members of the 555 club in Washinton DC!

December 27, 2011 at 2:42 pm |

anonymous

Ok here we go again, the next partisan bitch and bickering session initiated by the administration.

December 27, 2011 at 2:42 pm |

FelixCat

The President does not authorize spending levels (though he may propose and advocate them)...that's what Congress does. The executive branch carries out the spending authorized by the legislative branch. That's how it works. When Congress authorizes more spending than revenue, it is incumbent upon the President to ask them to resolve the conflicting signals. One way to do this is by requesting authority to borrow the difference.

I realize this is not common knowledge. We really ought to have it written down in some kind of document describing the constitution of our government or something.

Jerry, you wouldn't know a Marxist from a hole in the ground.

guest: Impeach him? For following through on the deal worked out by Congress? Good luck with that. (To find a worse president, you'd have to go all the way back to...Obama's immediate predecessor. Your sense of history apparently begins in 2009.)

December 27, 2011 at 2:44 pm |

M1sf1ts

It's now been 972 Days Since the Senate Passed a Budget.

December 27, 2011 at 2:44 pm |

Bear

Wonderful, ring in the new year with more Obama Drama. In the real world, you have budgets that balance or you are fired. Not 2 month extensions so you can go on Christmas break. These politicians need to be recalled so we can start fixing this mess. Until we get perp walks, recalls or impeachments, it's just SSDD.

December 27, 2011 at 2:46 pm |

DB

This is as much as a Resignation Request effective on Novermber 22, 2012, as if he thinks he has a fat chance of getting back in office. I think Joe the Plumber cold do a better job of controlling the budget and managing a unmanageable Congress.

December 27, 2011 at 2:47 pm |

M1sf1ts

America: Will Werk for Food.

December 27, 2011 at 2:47 pm |

M.O.

It's pretty sad DDBLAH when the liberal left continues and continues and continues to mention BUSH when anything that this inept POTUS gets questioned on.

December 27, 2011 at 2:47 pm |

cynthia

our goverment as we call it is just men who have spending problems.budget there is not a budget we medle and squander our american dollar that so many are working hard for to counties that need to sort there problems out on there on.we need to have some one that being mrs clinton in office who do you think ran when her husband was in not him. instead we comment on how we got this way we have no choice in how our things are ran. our votes dont get counted its fake a sham but we believe it to be something different. hopefully we will grow and get smarter to see our dollar is not took for granted. i would like to say obama I WANT MY CHANGE BACK

December 27, 2011 at 2:48 pm |

Eric

Change we can believe in! HA! If voting changed anything, they would make it illegal.

December 27, 2011 at 2:48 pm |

FelixCat

Mike in SA: The President carries out the policies enacted by Congress. He doesn't decide how much to spend. For him to unilaterally cut spending WITHOUT Congressional authorization would be unconstitutional.

Two and done.

December 27, 2011 at 2:49 pm |

IRONMIKE

what part of NO don't you understand. My grandchildren will fight the civil war to repay this debt notice I said fight because there will be no other way.

December 27, 2011 at 2:49 pm |

Republicans are a bunch of liers

If the Bush tax cuts for the wealthy were eliminated, and the oil industry loopholes...he wouldn't have to ask for it!!!! That's where most of that money pays for...geesh..and you would think ppl would have common sense?

December 27, 2011 at 2:50 pm |

we as People don't under stand the do nothing Gop. when wegave our techology, we alou d the corp to take our business over seas without any tariff.

No taxes no jobs,no Military,no hiways no ports,get rid of those millnare congressman and womenn,Book sellers

December 27, 2011 at 2:50 pm |

Anne

RON PAUL 2012!

December 27, 2011 at 2:50 pm |

Frank

Amazing amount of ignorance among many posters. GW Bush increased the debt ceiling 7 times with massive GOP support, fought two wars off-budget, lowered taxes (especially on the top bracket like mine) and doubled the debt in 8 years (Reagan tripled it in his 8 years). This latest ceiling request is already covered by the agreement reached this year. Calm down and stop calling the duly elected President sill schoolyard names without any understanding that he is governing the country very well in the face of GOP obstructionism.

December 27, 2011 at 2:51 pm |

Alison

I want to "like" this post a thousand times.

December 27, 2011 at 2:56 pm |

joebofett

Well said, Frank.

December 27, 2011 at 2:57 pm |

Mike

Here! Here! Well said!

December 27, 2011 at 3:05 pm |

skysgirl

FRANK BRAVO my man !!! OBAMA 2012 !!

December 27, 2011 at 3:14 pm |

4 More Years

Nicely put Frank!!!

December 27, 2011 at 3:16 pm |

Peter

Kudos, Frank! But so many posts on this board are so infantile that I doubt that those people will understand what you said and simply continue to parrot bumper-sticker catcalls from Sean Hannity, which are designed for team cheerleading morons.

I agree. Republicans only care for enlarging their bank accounts, but we the people confront reality.

December 27, 2011 at 9:16 pm |

nonyabidness

We don't need to increase debt, just lower spending. If the saying the "buck stops here" is true. Our leaders can begin by making those in congress cut their own pay and benefits. Paying for a war with another countries money makes no sense. I have no idea of who is watching the till, but suspect they have no idea of what they are doing.

December 27, 2011 at 2:52 pm |

Johnny 5

If you don't have it, then don't spend it. Obama's parents must not of explained that rule of thumb to him as a child. It's reasons like this that other countries are laughing at us.

December 27, 2011 at 2:53 pm |

joebofett

Johnny5, other countries are laughing at us because stupid rednecks like you are allowed to vote.

December 27, 2011 at 2:55 pm |

Alison

Yes because no other president has raised the debt ceiling. How quickly we forget! Let me remind you:

Under Obama the debt ceiling increased:
– by $789 billion to $12.104 trillion in February 2009, Obama's first year in office, under the American Recovery and Reinvestment Act;
– by $290 billion to $12.394 trillion ten months later, in December 2009;
– and by $1.9 trillion to $14.294 trillion two months later, in February 2010.

Under GW Bush the debt ceiling increased:
– by $450 billion to $6.4 trillion in June 2002;
– by $984 billion to $7.384 trillion 11 months later, in May 2003;
– by $800 billion to $8.184 trillion 18 months later, in November 2004;
– by $781 billion to $8.965 trillion 16 months later, in March 2006;
– by $850 billion to $9.815 trillion 18 months later, in September 2007;
– by $800 billion to $10.615 trillion 10 months later, in July 2008;
– and by $700 billion to $11.315 trillion three months later, in October 2008.

Under Clinton the debt ceiling increased:
– by $225 billion to $4.37 trillion in April 1993;
– by $530 billion to $4.9 trillion four months later, in August 1993;
– by $600 billion to $5.5 trillion two years and seven months later, in March 1996;
– and by $450 billion to $5.95 trillion 17 months later, in August 1997.

Under GH Bush the debt ceiling increased:
– by $70 billion to $2.87 trillion in August 1989;
– by $252.7 billion to $3.1227 trillion three months later, in November 1989;
– by $107.3 billion to $3.23 trillion 11 months later, in October 1990;
– and by $915 billion to $4.145 trillion one month later, in November 1990.

Under Reagan the debt ceiling was raised to:
– $985 billion in February 1981;
– $999.8 billion in September 1981;
– $1.0798 trillion September 1981;
– $1.1431 trillion in June 1982;
– $1.2902 trillion in September 1982;
– $1.389 trillion in May 1993;
– $1.49 trillion in November 1983;
– $1.52 trillion in May 1984;
– $1.573 trillion in July 1984;
– $1.8238 trillion in October 1984;
– $1.9038 trillion in November 1985;
– $2.0787 trillion in December 1985;
– $2.111 trillion in August 1986;
– $2.3 trillion in October 1986;
– $2.32 trillion in July 1987;
– $2.352 trillion in August 1987;
– and $2.8 trillion in September 1987.

December 27, 2011 at 2:57 pm |

Mike

Wow-
Smart, liberal, are you single?

December 27, 2011 at 3:06 pm |

Alison

Haha... Nope, I am not single.

December 27, 2011 at 3:08 pm |

Mike

Me either, but I love it when someone brings a few facts to these discussions . . .

December 27, 2011 at 3:10 pm |

Alison

Well someone has to do it!

December 27, 2011 at 3:12 pm |

Rsprings

It took Bush 8 years to get the debt cieling increased by $5T . It has taken Obama just three years for $3T. God forbid he be reelected he will get to nearly 20T. Who ever gets in need to stop the madness.

December 27, 2011 at 3:20 pm |

medianone

Best post on Debt Ceiling increases I have read to date!

If we look at in percentages, which everyone seems so fond in quoting these days (as in 47% don't pay..., and the 1% pay..., stocks went up or down X% today, this week, this year, or CEO XYZ got a 37% pay increase, or medical premiums when up 34% this year) THEN by that measure President Obama should be able to raise the National Debt by the same percentage as Bush did in his eight years, which would be about double. Reagan almost tripled it during his tenure. And Bush One did about the same rate in his four years.

December 27, 2011 at 3:21 pm |

Blue Dog

Don't forget, Bush inherited a record surplus from Clinton. Obama inherited an economy in the gutter from Bush.

December 27, 2011 at 3:31 pm |

CRG

I noticed several of the replys to you called you a liberal. I always considered myself a libertarian, but if adhering to facts makes one a liberal than count me in.

December 27, 2011 at 5:41 pm |

Tschrny Wolf

I find your comment callous. First all humans have the same needs. If the superrich own luxuries, that is their problem and responsibility, not to force the middle working class and working class to pay for those luxuries. Refusing to pay due taxes transfers the cost to the lower and poorer classes; this is no real democracy, nor "best country in the world.

December 27, 2011 at 7:17 pm |

Ray E. (Georgia)

Not too long ago a Alein Space Craft flew by the Earth. The Captain lookd down. After a few moments he said, Fly On. There is no intellegent life here. He was right.

December 27, 2011 at 8:43 pm |

yeah me

You do realize "record surplus" is a bit misleading?! We were never debt free, we have owed others for years. Debt and deficit are different.

December 27, 2011 at 10:19 pm |

UtahProf

I think he is SOL this time ... I believe that we cannot make interest payments higher than the ones we are currently making. Thus, the result of borrowing more would be the a parabolic increase in debt – i.e. indebtedness would increase quickly and exponentially such that it could never be paid back, we would completely default, and the economy would collapse. I am sure they "think" they have some accounting tricks to circumnavigate this problem, but it would be unproven and would very likely fail in the near-term. The Ponzi scheme is coming to it's inevitable conclusion – a dead end.

December 27, 2011 at 2:53 pm |

Steve

Oh yeah, that will go over well.

December 27, 2011 at 2:53 pm |

Wayne

Obama's a bum!!!!!!! For you moron liberals out there that want to bring up the president from 3 years ago know that Obama hasn't changed the tax rates since he went into office, he lowered them further with the "tax holiday," and he continued with the original timeline for Iraq, ramped up Afghanistan, and started us in Libya. All this with a control of House and Senate for 2 years.

Final comments before the Libs get mad and frustrated that their terrible president is terrible; Obama should be impeached for killing American citizens abroard without trial. PERIOD!

Quick name 3 things that Obama's done well that weren't started under Bush????

December 27, 2011 at 2:54 pm |

Sononi

Just go ahead Obama, make it infinity then you can spend us into non existence. My gosh this is obsurd and he will hold the elderly hostage, just watch.

December 27, 2011 at 2:54 pm |

skysgirl

PRESIDENT OBAMA is doing it right. He cares about the people, he is working hard to make things the way they should be. He has the best interest of the people in his plans. OBAMA 2012 !!

December 27, 2011 at 2:55 pm |

Indiana Bill

Do we all understand that increasing the debt ceiling is simply agreeing to pay for the spending that both houses of Congress have already agreed to spend? The 'credit card' has already been used to make the purchases, increasing the debt ceiling is how we pay the bill.

I'm all for limiting how much spending we agree to, but not to whether we pay what we owe. The threat to not pay what we owe and the brinksmanship used in the last debt ceiling battle is exactly what caused the Tea Party Downgrade.

December 27, 2011 at 2:56 pm |

Sononi

Mike

It's not all about spending. Due to the recession, tax revenue declined 40%. Thre's no way to balance the budget right now, even under the most optinistic scenarios. And, by the way, the most optimistic scenarios include higher tax rates, which, thanks to their pledge to Norquist, Republicans can't even consider.

Just more excuses and more nonsense, how about a balanced budget with what they do have. All the rest of us have to do it the right way but its ok for Obama right

December 27, 2011 at 2:56 pm |

Scott

Alot of you all are also missing something else. He is raising the ceiling because we did not have enough tax seizures (revnues implies you earned it) to cover government expenditures. In the cases with all of the presidents the last 30 years, much of this is due to spending committments cemented in things like social security, medicare etc. When seizures slow, you end up running the deficit up, needing to raise the ceiling.

Waht is scary is the joke of spending cuts they toyed with over the fall. Those were only decreases in the already laid out increases. Those were not cuts at all. All smoke and mirrors, none of the problems addressed. Just the old Potomac Two-Step.

December 27, 2011 at 2:56 pm |

joebofett

How does the Republican Congress wanting to raise taxes on the middle class fit into your cute little theory?

First of all, your workers did the work, not you. You may have planned it or most likely a meeting of managers gave you ideas. Did you just happen to inherit your ancestors company? Probably, so you did not start from scratch. Instead you stole most of the profits while you fired workers when you moved to China or Taiwan. Shame on you.

December 27, 2011 at 7:26 pm |

devonshire

Let's do the MATH here now. In August the debt was 14.2Trillion less than 6 months later it is est at 15.2Trillion or ONE TRILLION dollars in 6 months.So come election time we will have another TWO TRILLION in debt. If Obama gets reelected at the end of his second term we will have 25 Trillion in debt. That is three times more debt in 8 years of Obama than since the founding of our country combined. WHAT IS WRONG WITH THIS PICTURE??

December 27, 2011 at 2:56 pm |

Steve

There's like 5-6 government agencies we can get rid of with no impact to any citizen's lives. Just do it.

December 27, 2011 at 2:57 pm |

Eric RN in Denver

This country needs a permanent fix not this every so often, rerun of the bad movie. Fight ,argue, blame act stupid! WE need a nes start, NEW leadership WITH IDEAS! Ideas on how to create PERMANENT jobs and encourage them to be created, how to reduce debt and SPENDING! ONE who will show leadersip while expousing comprimise, not DIVISION! ANYONE who thinks Obama and his cronies dserve another term, in view of the disaster he has advanced, NEEDS a neuro/ physc evaluation!

December 27, 2011 at 2:58 pm |

scary economy

San Francisco have largest unemployment and homeless people. They live down the street.
WELFARE Checks went to middle class and stolen.

Hey Main Liberal, I've got an idea. SInce you seem to think that a payroll tax reduction is a tax cut rather than an underfunding of Social Security that will eventually lead to a shortfall that will have to be covered by tax increases, why don't we just stop contributing anything to Social Security??? Wouldn't that be great? A tax cut for everybody....yeah! Wake up....your ridiculous liberal policies are exactly what we don't need.

December 27, 2011 at 3:26 pm |

Tschrny Wolf

Right, my sister is a prosperous middle class member and now totally opposed to the Republicans.

December 27, 2011 at 7:29 pm |

open400

The Fortune 500 companies sit on 2 trillion dollars worth of profits for the last two years. Executive pay is through the roof. Big corporate bonuses are back. The tax rates are the lowest they have between in 50 years. So what do we do? Throw the deficit onto the national debt and pass it to the next generation – that's real leadership!!!!!!!!!!!!!!

December 27, 2011 at 3:00 pm |

The King

There is absolutely no rational argument to not let the bush tax cuts expire on those making more than $250K...none! We've lost 8.5 million jobs since these tax cuts have been in place so clearly THEY DIDN'T CREATE JOBS!!! Trickle down economic theory won't work in this under-regulated global economy. Stop the B.S, increase revenue and WE WON'T HAVE TO INCREASE THE DEBT CEILING SO OFTEN!!! It's time the people in this country grew up.

December 27, 2011 at 3:00 pm |

Alison

But allowing the Bush tax cuts to expire is increasing taxes on the wealthy and that is class warfare! Oh, and that whole payroll tax cut that affects the middle class the most? Eh, we can let that expire. It's only class warfare when it affects the rich.

December 27, 2011 at 3:04 pm |

FelixCat

But...shouldn't we tax poor people MORE - say at 100% - and give it to the rich, who will use it to create JOBS for the poor people? Why stop at cutting taxes? Just give them ALL the money because only they know how to use it for the betterment of society! If the rest of us are so smart, why aren't WE rich?

December 27, 2011 at 6:36 pm |

OHShizzzNigWatRUDoing?

This guy must suck at tether ball too. After such a big victory over the lame house, O wants to shoot himself in the foot again? Absurd.

December 27, 2011 at 3:00 pm |

Derek

I hate how people in Washington throw around billions and trillions of dollars like its nothing. This new debt ceiling would allow for Obama to increase the nations debt to ~$16 trillion. The fact that dem's oppose a balanced budget amendment is obscure considering where are country is headed. All these rules and regulations have driven business's into the ground. Our government has too many dependents and is spread too thin across the world. BTW, maybe if Obama would take time to sit down with leaders and figure out this mess, we could get something accomplished. His idea of getting a handle on the economy is fixing his golf grip. Yes Obama, we are counting, 75 rounds of golf, was your "hope and change" slogan you hope to turn pro and change your handicap. Give me a break!!!

December 27, 2011 at 3:01 pm |

seebofubar

OK democrats you want to compare GW's debt limit increases to Obama's? The average debt increase during GW's 8 years was $675 billion / yr, Obama's is over $1 trillion / yr! That's a 67.5% increase. This man is the worst thing that ever happened to this country and you know it!

December 27, 2011 at 3:01 pm |

Pips

Bush: Went front 6 trillion to 11 trillion.
Obama: Went from 11 trilliong to 14 trillion.

Sorry, Bush was WAY WAY WAY worse, and is why this world is BROKEN. That is a FACT.

December 27, 2011 at 3:04 pm |

Pips

Under Obama the debt ceiling increased:
– by $789 billion to $12.104 trillion in February 2009, Obama's first year in office, under the American Recovery and Reinvestment Act;
– by $290 billion to $12.394 trillion ten months later, in December 2009;
– and by $1.9 trillion to $14.294 trillion two months later, in February 2010.

Under GW Bush the debt ceiling increased:
– by $450 billion to $6.4 trillion in June 2002;
– by $984 billion to $7.384 trillion 11 months later, in May 2003;
– by $800 billion to $8.184 trillion 18 months later, in November 2004;
– by $781 billion to $8.965 trillion 16 months later, in March 2006;
– by $850 billion to $9.815 trillion 18 months later, in September 2007;
– by $800 billion to $10.615 trillion 10 months later, in July 2008;
– and by $700 billion to $11.315 trillion three months later, in October 2008.

Under Clinton the debt ceiling increased:
– by $225 billion to $4.37 trillion in April 1993;
– by $530 billion to $4.9 trillion four months later, in August 1993;
– by $600 billion to $5.5 trillion two years and seven months later, in March 1996;
– and by $450 billion to $5.95 trillion 17 months later, in August 1997.

Under GH Bush the debt ceiling increased:
– by $70 billion to $2.87 trillion in August 1989;
– by $252.7 billion to $3.1227 trillion three months later, in November 1989;
– by $107.3 billion to $3.23 trillion 11 months later, in October 1990;
– and by $915 billion to $4.145 trillion one month later, in November 1990.

Under Reagan the debt ceiling was raised to:
– $985 billion in February 1981;
– $999.8 billion in September 1981;
– $1.0798 trillion September 1981;
– $1.1431 trillion in June 1982;
– $1.2902 trillion in September 1982;
– $1.389 trillion in May 1993;
– $1.49 trillion in November 1983;
– $1.52 trillion in May 1984;
– $1.573 trillion in July 1984;
– $1.8238 trillion in October 1984;
– $1.9038 trillion in November 1985;
– $2.0787 trillion in December 1985;
– $2.111 trillion in August 1986;
– $2.3 trillion in October 1986;
– $2.32 trillion in July 1987;
– $2.352 trillion in August 1987;
– and $2.8 trillion in September 1987.

Just the facts. Republicans broke the world.

December 27, 2011 at 3:05 pm |

LearnMath

That is definitely not a 67.5% increase. Do they even teach basic math to children like you anymore?

December 27, 2011 at 3:04 pm |

Alison

False:

Under Obama the debt ceiling increased:
– by $789 billion to $12.104 trillion in February 2009, Obama's first year in office, under the American Recovery and Reinvestment Act;
– by $290 billion to $12.394 trillion ten months later, in December 2009;
– and by $1.9 trillion to $14.294 trillion two months later, in February 2010.

Under GW Bush the debt ceiling increased:
– by $450 billion to $6.4 trillion in June 2002;
– by $984 billion to $7.384 trillion 11 months later, in May 2003;
– by $800 billion to $8.184 trillion 18 months later, in November 2004;
– by $781 billion to $8.965 trillion 16 months later, in March 2006;
– by $850 billion to $9.815 trillion 18 months later, in September 2007;
– by $800 billion to $10.615 trillion 10 months later, in July 2008;
– and by $700 billion to $11.315 trillion three months later, in October 2008.

Under Clinton the debt ceiling increased:
– by $225 billion to $4.37 trillion in April 1993;
– by $530 billion to $4.9 trillion four months later, in August 1993;
– by $600 billion to $5.5 trillion two years and seven months later, in March 1996;
– and by $450 billion to $5.95 trillion 17 months later, in August 1997.

Under GH Bush the debt ceiling increased:
– by $70 billion to $2.87 trillion in August 1989;
– by $252.7 billion to $3.1227 trillion three months later, in November 1989;
– by $107.3 billion to $3.23 trillion 11 months later, in October 1990;
– and by $915 billion to $4.145 trillion one month later, in November 1990.

Under Reagan the debt ceiling was raised to:
– $985 billion in February 1981;
– $999.8 billion in September 1981;
– $1.0798 trillion September 1981;
– $1.1431 trillion in June 1982;
– $1.2902 trillion in September 1982;
– $1.389 trillion in May 1993;
– $1.49 trillion in November 1983;
– $1.52 trillion in May 1984;
– $1.573 trillion in July 1984;
– $1.8238 trillion in October 1984;
– $1.9038 trillion in November 1985;
– $2.0787 trillion in December 1985;
– $2.111 trillion in August 1986;
– $2.3 trillion in October 1986;
– $2.32 trillion in July 1987;
– $2.352 trillion in August 1987;
– and $2.8 trillion in September 1987.

December 27, 2011 at 3:06 pm |

Tony

It is True... Do the math

GW debt started at 5.95 and went to 11.315 a diffference of 5.365 divided by 8 years equals .670 per year

Obama debt started at 11.315 and if it goes through to 16.39 a difference of 5.075 divided by 4 years equals 1,269 trillion per year.

December 27, 2011 at 3:16 pm |

OhioMickey

Great research!

December 27, 2011 at 3:20 pm |

Blue Dog

Facts! every bagger's nightmare!

December 27, 2011 at 3:27 pm |

palintwit

Blue Dog... a bagger's worst nightmare is when his cousin Bobbie Jo won't go out with him anymore.

December 27, 2011 at 3:35 pm |

medianone

Alison, can you please do a similar tallying of increases in the Defense budget by year? I know it more than doubled from 2001 when it was around $300 billion to the $662 billion this year. And that doesn't include the war supplemental's. But would make a good read if it covers the same years you show for the Debt Ceiling.

December 27, 2011 at 3:37 pm |

Anonymous

The budget for the year 2009 was created under the GWB administration. The first 2 debt ceiling increases under Obama were as a result of this Bush budget.

December 27, 2011 at 3:43 pm |

Marc

Thanks – I note that the gullible partisan who first posted scooted back under a rock. Facts trump idiocy, but the forum for facts these days just lacks the carnival sideshow appeal of conservative horse-hockey.

December 27, 2011 at 3:50 pm |

Kevin

Surprise surprise – they are largely indistinguishable.

December 27, 2011 at 3:59 pm |

seebofubar

You idiot, you just proved my point. Do the math! GW's increase was 5.356T over 8 yrs , Obama's is 2.975T in less than 3 yrs. Don't even try to defend this moron...

December 27, 2011 at 4:01 pm |

Trace

Alison,

Limburger, Crappity Hannity, GOP/Tea-Potty shills, and the cretins that continue to spew their non-sense all agree....

Your Fact Based Posts are KILLING THEM – LOL.

You are one very well read, empirical data weilding, intelligent lady. Just for that reason, Cons. do not want your voice heard...they need the lemmings motivated to continue saying....Give the Rich More so they will Create Jobs and the economy can come back to life – YEAH RIGHT !

December 27, 2011 at 5:06 pm |

stop blaming bush

remember the democrat controlled (2/3) washington the last 2 years of bush term. its not all bushs fault

December 27, 2011 at 5:36 pm |

Stone Tools

If you want your numbers to make any sense, try listing who was in control of the house and who was in control of the senate during those same years. Congress is the one that passes the bills, the president just says "Yup, I agree with the contents" and signs them or vetoes them.

December 27, 2011 at 5:46 pm |

BlueDestiny

As has already been pointed out, Obama's pace is far outpacing the past, but here's the most significant point. How many of you are spending what you were spending 10 years ago? The country has fallen into the economic toilet, we're all feeling it and adjusting our spending, debt is going down (not up – hello!!!), people are buying much cheaper used cars, not new expensive cars, and are acting responsibly in the face of economic disaster. What is Obama doing? Not cutting spending, raising debt. Not looking at the bloated expenses, the bloated public worker pay, pensions, and programs, but trying to raise even more taxes. He has proven incapable of leadership when leadership is called for in this economy. Government is broken, and its head is brainless. They need to be cutting and reforming, so every dollar is spent purposefully, just as we are doing as citizens, and as businesses. Where's the leadership? Absent as usual. Government leaders couldn't plan their way out of a wet paper bag, especially Obama, and there's no accountability when they're covered by the special interests they serve, and all we hear is tired lies and rhetoric. It's broken, no matter which party you call yourself tied too, it's an antiquated system that's fallen into special interest catering and the erosion of the American Dream into the least common south of the border denominator – where instead of serving as an example for people of other countries to hold their leaders accountable to, we just sink into the mud with them.

December 27, 2011 at 6:33 pm |

Larry L

You have a fan in Texas! Great post!

December 27, 2011 at 8:20 pm |

dan

In the interest of unbiased analysis, I would attribute the Feb. 2009 increase to GW. Then I would evaluate the last three years of Mr. Bush's presidency and adding in the 789 B to GW follies. I would subtract the 789 B from the Obama follies, and suddenly the numbers tell a different story. My advice........start learning Chinese ! ! !

December 27, 2011 at 3:37 pm |

ddblah

This is part of the problem: lack of basic ability to analyze or comprehend.
Year, Debt, Rate of Increase
2002, $5.95T
2004, $8.18T, 37.5% (relative to 2002)
2006, $8.97T, 50.7% (relative to 2002)
2008, $11.32T, 90.2% (relative to 2002).

Notes: in 2001, Jeffords switched from Republican to Independent and caucused with democrats. In 2007, Sanders gave democrats a 1 seat majority.

This chart shows why it's more important to look at the makeup of the house and senate and factor in the president to a lesser degree unless the legislation is vetoed in which case the president is factored somewhat larger.

December 27, 2011 at 6:15 pm |

Tschrny Wolf

NO. ironically, prices have raised since then, for economic and bush walkers tax cut policies, so now repairs are more costly than they were under bill clinton. President Obama did not do this. Your accusation is false and makes no sense.

December 27, 2011 at 7:36 pm |

Rob

Congress would do us a huge favor by not passing this. If they pass it, it's like they're intentionally trying to take this country down. What is the point of having money anymore if it's all phony? Maybe that is the point being made for all of this stupidity.

December 27, 2011 at 3:01 pm |

D-Rock

I hate how people in Washington throw around billions and trillions of dollars like its nothing. This new debt ceiling would allow for Obama to increase the nations debt to ~$16 trillion. The fact that dem's oppose a balanced budget amendment is obscure considering where are country is headed. All these rules and regulations have driven business's into the ground. Our government has too many dependents and is spread too thin across the world. BTW, maybe if Obama would take time to sit down with leaders and figure out this mess, we could get something accomplished. His idea of getting a handle on the economy is fixing his golf grip. Yes Obama, we are counting, 75 rounds of golf, was your "hope and change" slogan you hope to turn pro and change your handicap. Give me a break!!!

December 27, 2011 at 3:01 pm |

blake

Just say NO. Force the federal government to make the massive spending cuts ($1.5 trillion annually) that neither party is willing to make without having their hand forced. Balance the budget. It will have amazing long-term positive results.

December 27, 2011 at 3:01 pm |

David

Just say no? I've been screaming at the top of my lungs for 5 years and they aren't listening. The ONLY way they will listen is if I vote Ron Paul in. otherwise it will go even higher.

December 27, 2011 at 3:14 pm |

JMO

What good is a balanced budget when you are still putting wars on the ol credit card? This is what makes the Tea Party and the line up of Republican Candidates, save for Ron Paul, but even he is clueless, a bunch of jokers. The long term care of the Vets is expected to cost us another three to five trillion dollars over the next decade, and your candidates want to start wars with Syria and Iran in the name of Isreal, are your candidates going to raise taxes to cover those? What about the long term care of vets? I just love how Republicans believe a balanced budget is the cure-all when the Economics don't even match.

December 27, 2011 at 3:51 pm |

ddblah

Yes, get the economy to great depression, takes a couple decades to recover, if it every does recover.

December 27, 2011 at 4:00 pm |

Stone Tools

Congress is to blame for the mess we are in. Obama is to blame in a lesser way because he signed the bills which gives his thumbs up to the contents.

December 27, 2011 at 5:44 pm |

FelixCat

Yeah, but just think how amazing it will be after THAT!

December 27, 2011 at 6:30 pm |

Tschrny Wolf

If so, prepare for a violent revolution like the one in France.

December 27, 2011 at 7:40 pm |

tluv00

Question. What was the justification behind no War Tax when we first decided to go after Iraq and then Afghanistan? First wars since when to not have a War Tax partially funding them? (actual question). Spanish American? Something like that.

December 27, 2011 at 3:01 pm |

Pips

Lets see Republicans try and block it while the world reports how many times Republican presidents have raised it compared to Obama. (Hint: Much much MUCH more.) I

December 27, 2011 at 3:01 pm |

NN

This is just a small sample of the misplanning that will eventually lead to global catastrophe: short term thinking and long range big spending plans dependent on all available resources working full throttle in the redline region. Washigton still hasn't received the message. Hopefully the Tea Party will hang tough and shut down this monstrosity of waste and abuse.

December 27, 2011 at 3:03 pm |

Tony

I thought we elected this President, so it wouldn't be "business as usual". Sure seems like things have not changed.

December 27, 2011 at 3:04 pm |

jeff c

God told us in Proverbs that the debtor is slave to the lender. America, it will take a civil war of another kind to end the slavery we've entered. Here are the top 18 we've become slaves to: 18. HONG KONG holds $121.9 billion of U.S. treasuries (they own 0.9% of U.S. debt). 17. BRAZIL holds $121.9 billion of U.S. treasuries (they own 0.9% of total U.S. debt). 16. CARIBBEAN BANKING CENTERS hold $148.3 billion of U.S. treasuries (they own 1% of total U.S. debt). The Bahamas, Bermuda, Cayman Islands, Netherlands Antilles and Panama, and British Virgin Islands all function as offshore financial centers. Of course, they invest in Treasury Securities as well. 5. TAIWAN holds $153.4 billion of U.S. treasuries (they own 1.1% of U.S. debt). 14. BRAZIL holds $211.4 billion of U.S. treasuries (they own 1.5% of U.S. debt). 13. OIL EXPORTING COUNTRIES hold $229.8 billion of U.S. treasuries (they own 1.6% of U.S. debt). These countries include Ecuador, Venezuela, Indonesia, Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates, Algeria, Gabon, Libya, and Nigeria.12. MUTUAL FUNDS hold $300.5 billion of U.S. treasuries (they own 2% of U.S. debt).11. COMMERCIAL BANKS hold $301.8 billion of U.S. treasuries (they own 2.1% of U.S. debt).
10. STATE, LOCAL & FEDERAL RETIREMENT FUNDS hold $320.9 billion of U.S. treasuries (they own 2.2% of U.S. debt).
9. MONEY MARKET MUTUAL FUNDS hold $337.7 billion of U.S. treasuries (they own 2.4% of U.S. debt). 8. UNITED KINGDOM holds $346.5 billion of U.S. treasuries (they own 2.4% of U.S. debt). 7. PRIVATE PENSION FUNDS hold $504.7 billion of U.S. treasuries (they own 3.5% of U.S. debt). 6. STATE & LOCAL GOVERNMENTS hold $506.1 billion of U.S. treasuries (they own 3.5% of U.S. debt). 5. JAPAN holds $912.4 billion of U.S. treasuries (they own 6.4% of U.S. debt).
4. AMERICAN HOUSEHOLDS hold $959. 4 billion of U.S. treasuries (they own 6.6% of U.S. debt). The household sector includes hedge funds. 3. CHINA holds $1.16 trillion of U.S. treasuries (they own 8% of U.S. debt). 2. THE FEDERAL RESERVE holds $1.63 trillion in U.S. treasuries (they own 11.3% of U.S. debt). Much of this debt was bought for the Quantitative Easing programs. 1. SOCIAL SECURITY TRUST FUND holds $2.67 trillion of U.S. treasuries (they own 19% of U.S. debt). These are not publicly-traded securities, but it’s a massive chunk nonetheless.

December 27, 2011 at 3:04 pm |

Gopherit

Obama is playing into the hands of the Tea Party. But so are both parties in Congress, with the failure of the so-called Super Committee to accomplish anything meaningful, and Obama's hypocricy is being exposed yet again as he had urged the committee to "go big." At this point that entire exercise appears to have been designed to placate those citizens who have been outraged at governmental expenditures and the resultant sellout of the US to foreign interests including China. Unfortunately, it now appears that the scene is returning to Business as Usual.

December 27, 2011 at 3:05 pm |

foreverwar

Can we bring back Bill Clinton?

December 27, 2011 at 3:06 pm |

Eddy

America's debt problem was thirty years in the making, starting with Reagan's economic policies of cutting taxes in the false belief that they would pay for themselves:

They did not.

Now people want to worsen the situation by having Obama slash spending during a recession, which as the Great Depression showed is the exact opposite of what you should do. You grow your way out of a recession (and by extension budget deficits) through targeted government and private investments (like say revamping the country's infrastructure which will attract new businesses to set up shop in those areas), especially when the country's interest rate for servicing the debt is extremely low. And guess what? As inefficient as government spending can be, the value it provides to taxpayers is still much greater than the value private oligopolies like health insurers and oil companies provide to citizens. The very nature of the lack of competition in those industries actually OBLIGES them to rip off consumers since it is in the best interest of their share holders.

December 27, 2011 at 3:06 pm |

Patrick

At this rate, little Obam.......Obama here, wont be able to get a Nickel for his Grandma. LOL :)

December 27, 2011 at 3:07 pm |

Little Johnny

It would be nice to see your government put the people and well being of the USA first rather than their personal agendas and political jockeying.

· The GOP has refused the Assent of Laws, the most wholesome and necessary for the public good
· The GOP has forbidden the Goverment to pass Laws of immediate and pressing importance, unless suspended in their operation till it's Assent should be obtained; and when so suspended, The GOP utterly neglected to attend to them.
· The GOP refused to pass other Laws for the accommodation of large districts of people, unless those people would relinquish the right of Representation in the Legislature, a right inestimable to them and formidable to tyrants only.
· The GOP called together legislative bodies at places unusual uncomfortable, and distant from the depository of their public Records, for the sole purpose of fatiguing them into compliance with it's measures.
· The GOP dissolved Representative Houses repeatedly, for opposing with manly firmness it's invasions on the rights of the people.
· The GOP refused for a long time, after such dissolutions, to cause others to be elected; whereby the Legislative powers, incapable of Annihilation, have returned to the People at large for their exercise; the State remaining in the mean time exposed to all the dangers of invasion from without, and convulsions within.
· The GOP endeavoured to prevent the population of these States; for that purpose obstructing the Laws for Naturalization of Foreigners; refusing to pass others to encourage their migrations hither, and raising the conditions of new Appropriations of Lands.
· The GOP obstructed the Administration of Justice, by refusing it's Assent to Laws for establishing Judiciary powers.
· The GOP erected a multitude of New Offices, and sent hither swarms of Officers to harass our people, and eat out their substance
· The GOP kept among us, in times of peace, Standing Armies without the Consent of our legislatures.
· The GOP affected to render the Military independent of and superior to the Civil power.
· The GOP combined with others to subject us to a jurisdiction foreign to our constitution, and unacknowledged by our laws; giving it's Assent to their Acts of pretended Legislation:
For imposing Taxes on us without our Consent:
· For depriving us in many cases, of the benefits of Trial by Jury:
· For transporting us beyond Seas to be tried for pretended offences
· For abolishing the free System of English Laws in a neighbouring Province,establishing therein an Arbitrary government, and enlarging its Boundaries so as to render it at once an example and fit instrument for introducing the same absolute rule into these Colonies:
· For taking away our Charters, abolishing our most valuable Laws, and altering fundamentally the Forms of our Governments:
· For suspending our own Legislatures, and declaring themselves invested with power to legislate for us in all cases whatsoever.
· The GOP abdicated Government here, by declaring us out of it's Protection and waging War against us.
· The GOP excited domestic insurrections amongst us, and has endeavoured to bring on the inhabitants of our frontiers, the merciless Indian Savages, whose known rule of warfare, is an undistinguished destruction of all ages, sexes and conditions.

its going up its going down the point of it is that if you dont like whos in office than DONT VOTE youll see they put who they want in office

December 27, 2011 at 3:11 pm |

Johnson

Given the current financial climate Obama would never do this in an election year if it wasn't necessary. The House GOP better support raising taxes on the wealthy or we are going to have another crisis. We are fed up with these guys messing with our lives.

December 27, 2011 at 3:11 pm |

David

not sure anyone is surprised. Who didn't predict this last time they raised it? They have done ABSOLUTELY NOTHING to cut the deficit, and have NO PLANS to in the future.

December 27, 2011 at 3:12 pm |

midleclssfan

Perhapes if the Obstructionist Republicons worked harder on creating JOBS, JOBS, JOBS just maybe the taxes paid by those jobs would make a difference. Additionally, ending the Bush tax cuts for the rich and returning to Clinton era levels would also go a long way. Roads, Bridges, Water, Electricity Grid all need upgrading. Until such time we have a Democratic Senate, House and President will this country see real positive change.

December 27, 2011 at 3:12 pm |

Eric RN in Denver

You are delusional.. and you vote.... NO WONDER this country is in SO MUCH trouble. Morons, who vote for incompetence, to further their delusions!

December 27, 2011 at 3:41 pm |

Tschrny Wolf

Or the so called independents voted for President Obama.

December 27, 2011 at 7:43 pm |

Tek

While everyone should "tighten up their belt" (Obama's statement), he asks for room to add more debt. Yeah DO WHAT WE SAY, NOT WHAT WE DO.

I am not saying other past presidents did not increase the debt and ceiling, just that no one has been so stupid to ask the country to conserve, while the government spends like it is going out of style.

December 27, 2011 at 3:12 pm |

Eric RN in Denver

AHHH... a voice of reasoning and accuracy, in the sea of chaos and stupidity!

December 27, 2011 at 3:45 pm |

Trace

Tek,

A couple of questions for you:

1) Do you remember after 9-11 President Bush saying, "....Americans go out and spend; the tax cuts will pay for themselves"...and then the government went on a spending spree? Do you remember that or were you in High School?

2) Is it considerably more stupid to ask the american public to do what Bush did in saying, ....spend americans or Obama saying ....conserve americans because we're broke, but the government still has to spend because we've got bills to pay? If we don't pay those bills, we default on those debts and credit will be even more costly.

I think it was ddblac that said it best....There are few people who are incapable of analyzing the problem. You may be one such person....No disrespect, I'm just sayin'

December 27, 2011 at 5:17 pm |

Tschrny Wolf

That is not what you call it. Rather, while a President needs to fund huge projects, people need to spend less and save, if only to protect the environment. So you are comparing apples to oranges. And if the rich saved, billions or trillions could be invested in really needed works.

December 27, 2011 at 7:48 pm |

Rob

What is he NUTS???? We have dept coming out of the Kazoo, and wants to add more?????? No!!!! Enough is Enough!!!! I say impeach Obama, and vote out the rest of the incumbents... and lets get some real leadership in office....

December 27, 2011 at 3:12 pm |

Tom

One cannot create wealth and prosperity by going further and further into debt. Debt holders will be repaid in dollars worth less than the dollars originally used to purchase the debt instruments. Eventually borrowers will catch on and demand higher and higher interest rates, thereby increasing the taxes that must be turned over to interest and principal payments to those debt holders. It is simply another example, if anyone really needed another example, that the government will not address the primary budget problem: spending beyond one's income. This is not, nor has it ever been, a problem with income. This problem is centered on the government's ability to continue to borrow money (paid for by taxpayers) and it's inability to reduce (or even control) its spending, and this is not going to change until such time as the government's borrowing ability is taken away.

December 27, 2011 at 3:13 pm |

medianone

Tom, your opening statement would have opponents in the corporate world who would disagree. Many companies (because of the tax code) have profited handsomely for decades by borrowing money and writing off interest while allowing profits to flow to shareholders in dividends, higher stock prices, as carried interest (not subject to income tax), and to CEO's in outlandish pay packages. That is not to say that someone eventually ends up holding the bag or losing their investment dollars at the expense of this strategy. But that is the nature of privatizing gains, and socializing losses.

December 27, 2011 at 3:42 pm |

JMO

2/3rds of our debt is held by Americans anyway. The Whole China is going to foreclose on us is false.

December 27, 2011 at 3:53 pm |

Trace

Tom,

Are you talking debts or deficits? You keep talking like we don't have a complex issue with both.

In order to satisfy Debts; we must look at both cuts and added revenue. Wow...added revenue, those two words are hated by one Grover Norquist but its only reasonable to consider that as the best and quickest way to reduce debts.

Now, if we are talking about deficits.....those are affected dramatically about the 11M americans who lost jobs during the last two years of the previous administration. Those tax income tax revenues, if re-established, would allow us the abilty to avoid deficits (revenue income vs. existing spending policies, including entitlements).

Tell ya what....Let's hear from Cyrus or Alison or ddblac on this. I don't feel like explaining it to you because you obviously missed undergrad macro economics ... I have but one word for you....Keynesian (SIC)

December 27, 2011 at 5:25 pm |

Tschrny Wolf

As a population grows, the need to build more homes and other services, pluus a faster wear of infrastructure demand higher expenditure. If you republicsans and tea ;party deny reality, you refuse to adapt and cope plus deliver real security and repair. How come you waste immense tracks of lands for golf games and horse stadiums? but whine about "the need to save? That is hypocritical. You condemn; what you do. Middle working class and ordinary workers cannot afford fancy golf and horse races, you do, even though you refuse to pay due taxes. And about economic theories: there are different ones that disprrove each other theories, go ask world Bank's economists.

December 27, 2011 at 8:01 pm |

AmericantLosers

Lol at all you American't crybabies. Can't wait till you 3rd world losers get what's coming to you HAHAHAHAHA

December 27, 2011 at 3:14 pm |

vet in tx

short memories tend to be selective memories when justifying your actions. Anyone in the post who voted for W twice, please recuse yourselves from commenting on Barry's spending.

December 27, 2011 at 3:14 pm |

Trace

well said,..short and concise

December 27, 2011 at 5:27 pm |

OhioMickey

Once again, the Right Wing crazies show their ignorance of how governments – all governments – operate. The debt limit is an artificial cap not used in any other industrialized country. It reflects monies appropriated by Congress in prior budget periods clear back to the unfunded Bush Wars, Bush Bailouts and unfunded Bush tax cuts.

December 27, 2011 at 3:14 pm |

bees

Remember, obamas running against the congress. He is setting them up and wants another fight to make them look bad. It's in his best interest to continue the gridlock until the election. It's his only chance.

any of the posters here who's congressman or senator voted no to ending oil subsidies, and voted for W twice......

December 27, 2011 at 3:16 pm |

nynick

Then what?

December 27, 2011 at 3:17 pm |

mark in arkansas

Like it REALLY matters... It's only credit card money, and since the stupid Europeans and Chinese still want to buy our bonds, why not keep racking it up?

December 27, 2011 at 3:18 pm |

Morons

Another prime example of a HORRIBLE gov't. How can the US ever expect to get out of debt if it doesn't start PAYING IT OFF! All the Americans are doing is adding more and more debt onto their ever shrinking income. This cannot be sustained.. It's just a matter of time before the United States goes bankrupt. What a joke!

December 27, 2011 at 3:18 pm |

sickofit

Im no fan of either side, I think the dems are just as corrupt as the repubs (or vice versa if you prefer). That said, aren't we supposed to be cutting spending? Where are all the cuts to our overbloated government every taxpayer is demanding? I'm not talking about teachers or police or any other government employee who actually contributes anything. Why aren't we demanding our tax money back from all these crooked politicians? Why aren't we demanding that they get the same benefits that we get (which amounts to nearly nothing)? Most of these sc um suckers are already filthy rich when they get to DC, then they get perks like no other in the world on top of that! Give me a f-n break Obama! Cut spending, how many times does it need to be said? The peasants are growing tired of supporting the uber rich life styles of our corrupt politicians while the rest of us scrape by from week to week. CUT THE SPENDING...............

December 27, 2011 at 3:18 pm |

charles

The problem is both sides, everyone blames the republicans or the donkeys. The head donkey in the white house cant get things done anywhere. I did not like Clinton but at least he balanced things and could get both sides to work together. We need to stop playing the blame game and take this country back from the lazy, greedy, selfish, fat cats in Washington. They don't pay social security, have a sweet retirement, fly on our dime and health coverage most Americans can only dream about.

December 27, 2011 at 3:21 pm |

David

How long does this country think China will keep lending us money? Once they decide not to, then we will have to rely solely on the printing press. That's when you will see a complete breakdown in the U.S. economy.

December 27, 2011 at 3:21 pm |

Morons

At $14.294 trillion dollars.. each American (assuming the population is 350 million) would have to put forth $40,840 to get the gov't out of debt.. lol.. that's pathetic.. I look forward to going down south and buying the White House for $100 once the US goes bankrupt. Hell, I might even purchase Yankee Stadium for another $100 bucks.

December 27, 2011 at 3:22 pm |

BunnyFooFoo

Glad to see our fearless leaders are taking this whole debt problem so seriously.

December 27, 2011 at 3:22 pm |

Molotov Mitchel

Guys, Ron Paul is the only candidate that will be serious on reducing the debt.

December 27, 2011 at 3:22 pm |

stormy123

WOW....so many uneducated people on this blog!!!

Every president authorizes debt ceiling increases.....its what we have done for years and years! We also are not reducing debt because the Republicans could not agree to a BIGGER debt reduction agreement that Obama tried to push last december, or di you conservatives forget that little detail? Most of you dont read and listen to Fake News so Im not surprised...

December 27, 2011 at 3:23 pm |

petemg

Typical you go out and create a big bill that needs to be paid and then you get money to cover it. What is this Obama's problem. He should never have been given a blank check. Congress get your act together and take away his privileges of executive decision. I THOUGHT WE WERE GOING TO DECREASE AND NOT INCREASE THE DEFICIT.

December 27, 2011 at 3:23 pm |

Scott

I don't think you really understand how this works. Congress authorized the spending, not Obama. Now Obama has to ask for an extension of the ceiling to cover money Congress has spent. Obama isn't the spender here. Also, this is a continuation of the original debt ceiling increase debacle from a few months ago–this was part of the agreement. This isn't new.

December 27, 2011 at 4:24 pm |

ddblah

In the time of worst economic down turn? Are you living in the same universe as everybody else does?

December 27, 2011 at 5:51 pm |

FelixCat

Well, he believes that Obama is free to spend whatever money Congress appropriates however he wants (that's what a blank check IS) - so yes, he is definitely in an alternate universe. Probably spends a lot of time watching patriotic foreign-owned news networks.

December 27, 2011 at 6:27 pm |

Tschrny Wolf

If the deficit ceiling is increased, most likely we will be able to pay the next deficit and improve social security, etc.

December 27, 2011 at 8:07 pm |

Molotov Mitchel

Obama is a Marxist Economical Terrorist!!

December 27, 2011 at 3:23 pm |

Blue Dog

If it's not clear to the baggers, raising the debt ceiling allows us to pay our existing bills for expenditure already authorized by the congress. One can debate our priorities in spending and taxation for future but debt ceiling should not be up for debate.

December 27, 2011 at 3:23 pm |

Kevin

You act as if the funding issue operates open loop (which unfortunately it does right now). At some point there has to be one or more dampers put on the feedback loop to slow things down. The ceiling will be raised, of course, but if it becomes more difficult perhaps that will affect future spending and taxation plans.

December 27, 2011 at 3:28 pm |

Blue Dog

That's what the congress is for. They need to decide the priorities in spending. We can have all the debate over spending and cutting there but we have to act responsible and pay our bills. Baggers are all for cutting entitlements and for more individual reponsibility in financial decisions, but when it comes to paying our bills as a country, then they contradict themselves. Bunch of hypocrites.

December 27, 2011 at 3:38 pm |

Stickyd

look at it like this......if you have a 5,000 credit limit on your visa credit card, make ,30K a year, and after bills, and living expenses, you only have 1,000 of expendable income, do you think Visa would raise your credit limit to 10,000 just b/c you can't pay your current bills? That's exactly what this is. In the real world situation, a responsible person would start by cutting unnecessary spending and stop buying things they don't HAVE to have. Is it painful and less desirable, of course, but it's the responsible thing to do. Too bad Obama doesn't see it this way. He is trying his best to destroy our economy by refusing to make necessary cuts and reduce spending. This is unreal!

December 27, 2011 at 6:18 pm |

Molotov Mitchel

I love Obama

December 27, 2011 at 3:24 pm |

vinny

This country is going downhill very fast. We cannot afford another 4 years of this stuff. I understand the Congress and the Senate are just as inept as this President. Its both parties for sure. But it starts with him, he is the leader. The only thing he is leading us to is economic ruin

December 27, 2011 at 3:24 pm |

wikiIeaks

when will you learn that man cannot rule himself. This has been proven with every form of man-made government for thousands of years. Democracy, Tyranny, Communism, etc. There is only one rule that will end all of this and that is Theocracy. Get used to that fact. Doesn't matter who is in that little white house in Washington. As long as it is a human ruling other humans, the only result is failure.

December 27, 2011 at 3:24 pm |

HenkV

With 50 million people needed to vote for him next November, that is about $24,000 per vote. That is money well spent, because once Nobama gets elected he will solve this country's spending problem. Promise. Hope and Change.

December 27, 2011 at 3:25 pm |

another1

He will change things, and I will tell you why. He won't have to try to be nice to people 'across the isle' any more. He won't have to pander to the middle ground because he doesn't need to be reelected again. He can now set things right without fear of the 'undecided vote' thinking he's not moderate enough. the gloves come off after he gets reelected, and the obscructionism the republicans practice will come to an end. The job he as to do to fix the country takes longer than 4 years, and he knows this, and up until 2013, he will bend to try to satisfy all potential voters. Forget about that after he wins the election – and he will win, the republican nomination will be a sacrifice, they have no ability to win against Obama with the current candidates. You republicans can cry about it all you want, but things are going to change in 2013 whether you like it or not.

December 27, 2011 at 3:51 pm |

Adam

It does not matter who is in the white house. The bills got to get paid right? We are in a endless vortex of debt that is out of control. There is no saving the country at this point, We are off the cliff, you are electing who gets to sit behind the wheel as we fall. Once the dollar loses it place as the reserve curreny of the world, you will understand what has been done to you. If you think your guy can save us.... you are mistaken. If you think your party can save us.... you are mistaken.

December 27, 2011 at 3:25 pm |

Granger

face it and succ it up libs. You're Obozo dude is toast. He's accomplished nothing other than adding more debt. I can do that. He doesn't run on his accomplishment, like Obamacare because he knows he forced it down the throats of the American people. He's upped the national debt each year of his presidency. He plays more golf than any president which is a "thumb your nose" at the struggling people of this nation. Boot him out along with other spending freaks – repubs or otherwise.

December 27, 2011 at 3:25 pm |

Kevin

I'm not particularly concerned at this point what GWB _did_ beyond lessons learned/academic curiosity. He isn't the president and can't run. No one president's decisions are made any better by virtue of a prior president making worse.

December 27, 2011 at 3:25 pm |

Larry L

What?

December 27, 2011 at 8:23 pm |

NudeTruth

obama needz mo of yo monayz

December 27, 2011 at 3:25 pm |

Ed Sr of Dallas Tx

PUHLEEZE! He already broke us in the past three years with his stimulus programs! Going to PRINT more Fiat money that is NOT backed by anything except promise to pay? He will have us in debt $300 Trillion before his term is over and that will be "bye bye USA"! Cingress had better say .....NO.....NO....NO....to this increase!

December 27, 2011 at 3:26 pm |

PR

they already said yes, yes yes. It's the 3rd of 3 in case you didn't read the whole article. It's an increase of the ceiling so we can pay our debts. He's not asking for more money to spend but he needs money to pay what we already owe from all the other presidents and him.

December 27, 2011 at 3:39 pm |

Blue Dog

Really? Ask the auto industry, which was on the verge of a tremendous collapse and which is now growing and adding jobs to the economy, about the bailout. Fact is that we are out of recession and growing since the economic recovery act speaks for itself. Of course baggers have been programmed to contradict every thing that Obama does.

December 27, 2011 at 3:42 pm |

Kevin

Didn't that get started under Bush?

Actually, I really don't care. When the indicators are up it was Obama's idea and when they are down it was Bush's. Then again, maybe it was because of the Republican Congress. We can spin this in any direction we want. Such is politics. Compared to the abysmal years of 08 and early 09 things are better. But all you have to do is go to the commerce departments web site (Bureau of Economic Analysis) and see that it's still struggling. I suppose if you want to debate semantics on what constitutes good and bad, go for it.

December 27, 2011 at 3:47 pm |

Richp

Yea, just ignore those pesky weekly increase in unemployment claims which will shoot up again mid January as all the retail and wholesale inventories are done and they can let all the holiday employees go.

December 27, 2011 at 4:00 pm |

Tschrny Wolf

Typical republican or tea party histerical reaction and false numbers.America is in a process of real change, albeilt painful, but needed. We are finally becoming free and positive thanks to President Obama's wise leadership. Real change is not easy, it takes a long time. Yet it needs to happen or we get stuck in the past conservative quagmire that stole our freedp, amd civil rights.

December 27, 2011 at 8:17 pm |

smokinbluebear

NO
NO
NO
NO
NO
NO
NO
NO
NO
NO
NO

December 27, 2011 at 3:27 pm |

Steve

Obama has alredy spent more than Bush did in 8 years!!! Also, our debt was 455 BILLION at the end of 2006, when the Dem controlled House & Senate took over in Jan. 2007. Congress sets the spending, & the Dems approved more spending for 2007 & 2008 than Bush spent during his 6yrs. prior. Now Obama wants to let our debt get to over 16 TRILLION?

December 27, 2011 at 3:27 pm |

frisco

how is obama's spending justified by previous presidents spending? the point is that he is another fool following the tried and failed theories of keyensian economics and the country needs a serious change in government if we want to get back to prosperity for all and not just washington cronies

December 27, 2011 at 3:28 pm |

Mark

Dont worry the media will have his useless back

December 27, 2011 at 3:28 pm |

Tschrny Wolf

You mean the behind of Fox News or Bush? You bet::))))))))))))

December 27, 2011 at 8:20 pm |

Anfscd

This is not a Republican or Democrat problem. It is a Washington problem.

December 27, 2011 at 3:31 pm |

frontrunner64

Move on, nothing to see here. This is a pro forma request that was designed to happen. The Republican Congress made sure that the President would have to ask multiple times for this increase, just so that they could vote against it multiple times. It's all politics, nothing more...

December 27, 2011 at 3:31 pm |

socalgal

Bottom Line – our problem can be fixed in no time by (1) revert to spending levels of 2000 with no annual increases unless 2/3 approval across Congress (2) all public workers' pay and benefits immediately become commensurate with the median of private sector (3) no laws will apply to citizens that also do not apply to public workers (4) put Paul & teapartiers in charge of domestic affairs (5) repeal everything the treasonous "O" has put into place (6) really, put a housewife in charge of getting rid of commissions, departments, committees, etc. (7) remove all golden parachute deals with government workers – retain security for past presidents for one term only... CERTAINLY not enough but a good start.

December 27, 2011 at 3:33 pm |

cindy

As a Grandmother of three, I don't like that plan. In the old days, when there was a crisis, normal people chipped in to help. A temporary increase of taxes on the wealthy would fix a lot of our problems. However, they are seen as above normal by a few selfish political souls. That tax increase could stop when Congress simply revises the tax code.
The tea partiers have shown that they are ignorant on the US Constitution and the plans laid out by our forefathers. They are trying to destroy a great government that has served this country well for over 225 years. I am glad to be hearing in my neighborhood that other Republicans are seeing this and will be very careful about voting if the person is associated with the tea party.

December 27, 2011 at 3:46 pm |

jmissal

I'd be all for that IF public employee salaries increased to match the private sector when the economy is going strong.

The fact is the only time federal pay comes up is when the economy is doing poorly and the private sector salaries drop. No one ever gives federal workers raises when the economy is doing well and the private sector salaries go way up.

That said, I would gladly allow my federal position to match that of the private sector....it would mean a $10-15k a year RAISE.

December 27, 2011 at 4:52 pm |

Matthew Tieman

US Federal Budget facts:
1) Observed GDP growth in 2008-2010: 2.16%, -1.74% & 3.83% (1.39% 3-year CAGR)
2) Projected 5- year GDP growth in FY 2012 Proposed Budget for 2012-2016: 4.86%, 5.94%, 6.15%, 5.75% & 5.25% (5.59% 5-year CAGR)
3) Individual Income Taxes as a percentage of GDP: 2011 – 6.34%, 2012 – 7.24%, 2021 – 9.76%
4) 2012-2021 addition to National Debt – $9.387 Trillion
... 5) Increase to National Debt due to Interest Payments on National Debt – $6.051 Trillion
6) 2012-2021 Projected Social Security and Medicare Outlays (excludes Medicaid and other “mandatory outlays”) – $16.055 Trillion
7) 2012-2021 Projected Social Security and Medicare Payroll Tax Revenues – $11.667 Trillion
8) 2012-2021 Social Security and Medicare Deficit – $4.388 Trillion
9) The Social Security and Medicare Deficit above does not include the decrease in revenues from the recently extended payroll tax holiday.
10) Adjusted for inflation (using 3.5%) from FY 1996 – FY 2001, Clinton proposed spending an average of $2.73 Trillion per year in 2012 dollars. From FY 2002 – FY 2009, Bush proposed spending an average of $3.16 Trillion per year in 2012 dollars, ~16% increase from the Clinton budgets. For FY 2010 – FY 2012, Obama has proposed spending an average of $3.83 Trillion per year in 2012 dollars, ~21% increase from the Bush budgets and ~40% increase from the Clinton budgets.
These are facts. You can look them up at http://www.whitehouse.gov/omb/budget/Overview, with the exception of the GDP observations and the average proposed budget by president, which can be verified from other sources. Draw your own conclusions from these facts. If you don’t understand the above facts or are unable to draw your own conclusions, educate yourself.

December 27, 2011 at 3:33 pm |

jmissal

To Obama: STOP EFFING SPENDING!!!!!

You want all these entitlement programs paid for, but at what cost? High taxes?

Check.

More debt?

Check.

Less economic prosperity?

Check.

I'm not a republican and happen to believe that they are just as guilty as democrats for the problems with this Nation.

WHAT??? WHAT!!!??? $16.39 TRILLIONS!!!! Who is going to pay for this? This is completely nuts. We just cannot pay for this. Please Barack stop spending man. You are sinking us into the abyss. Or maybe I should start looking at that job offer in Cuba with more love...Please stop this uncontrolled spending Mr. President. Only the Chinese are rich enough to pay for this...

December 27, 2011 at 3:34 pm |

Kent

bourneblogger, your a twit! If someone doesn't support obama he's a racist, if they don't like the healthcare bill he's a racist, if they don't want to raise the debt ceiling he's a racist, if they are Republican they are racist, if they are Independent they are racist....GET OVER IT!!! He is a poor President!

December 27, 2011 at 3:34 pm |

Derick

I have reached the point that I'am considering what action I can take to get the goverment's attention. I have been contacting my representatives about balancing the budget, to cut spending, and operate within the limits of the Constitution for years. I feel I, and my fellow citizen's conserns and pleas have been egnored to the point of the ultimate distruction of our Nation. So I will make one last plea. BALANCE THE BUDGET CONGRESS! DO your job!

I have been thinks of ways to get their attention (CONGRESS), so I think unlike the Wall Street protest we need to do something more direct. It seems that phone calls, letters and e-Mails are egnored! How about we don't spend money for a few days (no food, gasoline, nothing), we don't invest, we don't use services, we don't build, and we don't increase our economy, we stop travelling, stay at home for 24 hrs. I suggest Memorial Day, even encourage companies to close their doors, by having every employee request off and we'll protest the buisness if they don't. If Conmgress dosen't get the money in the first place, Congress can't spended it! I just want them to listen, and balance the budget, cut spending, make a plan to get us out of debt, and stick to it. When the DEBT is paid, then you can resume the politics as usual till then, STOP SPENDING and CUT PROGRAMS!

December 27, 2011 at 3:34 pm |

Fedup_352

Let me just ask a question of all the Obamites and GOP haters. How long will it take for us to spend our way out of the mess that Bush single-handedly put us in? Let me ask it another way. If I owe $1000 to the bank, how much do you think they would lend me to pay them back? Let me put it yet another way. How will apending money save us money? You all sound like my wife, "look, honey, I saved $100 by spending $1000!" HUH? The message is simple, see if you can keep up. STOP SPENDING OUR MONEY ON THINGS WE DON'T NEED. That includes wars that we're still in, wars that we may get into, welfare for third-generation welfare moms, free food, free shelter and free medical care for anyone with a pulse, regardless of nationality, high-speed rail that nobody will ride, saving the blue-spotted tree frog, funding for gay and lesbian polar socailization and acclimatization skills training, NPR, so-called GREEN energy ventures with no chance of success.... Jeez, the list just goes on. If you guys want to blame somebody, there's a long list – not just Bush. And your boy Obozo has done nothing to improve things, but somehow he gets a free pass? C'mon, man!

December 27, 2011 at 3:35 pm |

ddblah

"If you don't have, don't spend it"? Wow, how many of you buy your houses with cash only? All of you?

December 27, 2011 at 3:35 pm |

Kevin

Well, it's a bad analogy, but going forward with it – what happens when you're allowed to keep refinancing indefinitely at a rate that increasingly exceeds the value of the home?

December 27, 2011 at 3:37 pm |

ddblah

If I am allowed to refinance, I must deserve to be refinanced. If I need money, you bet I will refinance and take out a bit cash.

December 27, 2011 at 4:26 pm |

Fedup_352

Point is, we don't have the money and there's no way anyone can see to get it. When I bought my house I had a job and asource of income with an expected long expectancy of that income. Even if you tax the "rich" at 100% tax rate, there isn't enough money to pay that debt. Simple math.

December 27, 2011 at 3:38 pm |

Ralph

If Mr. Obama gets reelected, the National Debt will top 20 trillion + certainly...

December 27, 2011 at 3:36 pm |

cindy

I'm not really sure why this is such a big political deal right now:

Carter raised the debt ceiling 9 times for total increase of 59%.

Reagan raised the debt ceiling 18 times for a total increase of 199%.

Clinton raised the debt ceiling 4 times for a total increase of 44%.

George W. Bush raised the debt ceiling 7 times for a total increase of 90%.

It seems the GOP is trying to make President Obama look bad when they are the true culprits.
Obama has raised the debt ceiling 3 times for a total increase of 26%.

December 27, 2011 at 3:36 pm |

Kevin

It would probably be more useful to cite percentages in terms of GDP rather than absolute numbers.

December 27, 2011 at 3:38 pm |

ddblah

Yeah, as if that makes sense. What would be the effect when the economy goes down? Isn't this the time when the country really needs the government to spend?

December 27, 2011 at 4:29 pm |

dan

That sounds like reasonably unbiased analysis, but considering that Obama' s first increase came a month after the GW follies, I attribute the first 789 B Obama increase to GW.

December 27, 2011 at 3:43 pm |

cedaly1968

When are we all going to stop saying "he" did that and realize that "we" did that? They do nothing without our approval. And if our disapproval was so strenuous and organized and intense, "we" would simply recall "him." That has not happened and so while "we" are not content with what "he" has done, "we" have allowed it to happen to "us."

December 27, 2011 at 3:36 pm |

Ralph

How much does the first family spend in vacation at a taxpayer expenses?

December 27, 2011 at 3:37 pm |

Ben

Why not. He has made oh so many compramises up til now and he deserves this one. And, of course, somehow it helps the middle class and any one who is against it hates them and the poor and is racist.

December 27, 2011 at 3:38 pm |

Dan

We are years and years away from a balanced budget. We will be fortunate to avert a 30 trillion dollar debt before the expense adjustments are made to balance the yearly federal budget.

December 27, 2011 at 3:39 pm |

Joop Kaashoek

It is clear that the US debt is out of control, we will go bankrupt instead of paying it off.

December 27, 2011 at 3:40 pm |

michelle

WHEN YOU'RE CREDIT IS SHOT, THEY DO NOT RAISE YOUR CREDIT LIMIT. WHY DO IT WITH THE GOVERNMENT??????

December 27, 2011 at 3:40 pm |

DC Observer

Nothing has changed - our spending is out of control

December 27, 2011 at 3:40 pm |

LiberalNN

Obama can kick the can down the road like the best of them! What a joke.

December 27, 2011 at 3:41 pm |

medianone

I think it would be more accurate to say that Congress is the biggest 'down the road' can kicker.

December 27, 2011 at 3:43 pm |

Greg

Reading through these comments it's interesting to note a few things; it's Bush's fault, Republicans in Congress are obstructionists, Obama has cut government spending, etc. Do any of these people pay attention to what is really going on? Then I noticed this is a CNN crowd; so never mind.

i wonder how much of the debt increase will go toward paying someone to try and figure out how to minimize our debt. my money is on zero...in that event see u in 6 months cause we all know this lasting a year is a joke. god bless

December 27, 2011 at 3:42 pm |

Chuck

News flash!! Both of the parties are to blame. Bush spent his fair share, and Obama is making a bad situation much, much worse. The President cannot spend a dime without congressional approval. They are part of the problem as well. We need to completely clean house in Washington and send some people up there who will put a stop to the spending. I am not voting for a single incumbent in the coming election.

December 27, 2011 at 3:42 pm |

UB6IB9

Where will the money come from? China or do we print our own? At this rate we will be owned by China by the end of 2013.
I'm gonna go buy the Chinese version of Rosetta Stone at Walmart before they are all gone.

December 27, 2011 at 3:43 pm |

chei

Why hava a ceiling anyway, if it can be remorsely raised.

December 27, 2011 at 3:43 pm |

Willy Brown

Good ole Barack Hussein Obama fighting hard to end the middle class.

December 27, 2011 at 3:44 pm |

palintwit

Get back in your double-wide. Nascar's on.

December 27, 2011 at 3:47 pm |

notatall

You got that backwards....Good ole Obama is trying to save the Middle Class. It's the tea party that is pushing everything for Big business and hurting the little guy over and over. My retirement has taken such an awful hit since they decided to protect their wealthy buddies that I am going to have to work longer; holding a position a younger person needs.

December 27, 2011 at 3:50 pm |

joebofett

I guarantee that the redneck who wrote this is too ignorant to know that he just made himself look stupid.

December 27, 2011 at 4:15 pm |

Larry L

That pesky "stupid filter" must be on the blink again. Pull your head out Willy. Your comment makes absolutely no sense.

December 27, 2011 at 8:26 pm |

Jason

Rather than me following suit with another blame Democrat or Republican post, I would like all of you to Google US Federal Budget Pie Chart. Think about this after glancing at the pie charts. The US rankings in Math, Science, Reading, Healthcare, Infrastructure, Infant Mortality Rate, and most areas is middle of the road but falling. We do rank number one in military spending and that's vastly more important than something like science, after all we have so many enemies ready to invade us like the Canadians. If the US falls or ceases to be as we know it, it will not be because we didn't have the resources, information, manpower, or a foreign enemy, it will be from within because we chose not to act.

December 27, 2011 at 3:45 pm |

UB6IB9

I'd bet that 99% of Obama's friends are the 1%.

December 27, 2011 at 3:46 pm |

Canuckistan

Dear US..we like you, we really do! However..your screwed!

December 27, 2011 at 3:47 pm |

pritch

Both this administration and the previous one were irresponsible with America's checkbook. Let's not use the wars as the liberal sounding point. This administration has continued the war efforts, as well as getting us into other international issues, so leave that alone. You people that blame the war are just using it as an excuse.

December 27, 2011 at 3:47 pm |

notatall

It is very hard to ignore the wars when the tea party screams to stop government spending. Where has most of the government spending gone? (maybe to fund wars...not just Defense costs) What government department uses most of the taxpayers' money? (maybe Dept of Defense supplemented by the VA) And how did we go from a surplus in 2000 to such a huge debt in 2011? (several theories on this..the war costs and stimulus came from the previous administration: but taken together they are still not the total debt).

December 27, 2011 at 4:23 pm |

ddblah

Do you mean Obama should withdraw 100% the day when he went to the office? Wouldn't that be a bit too irresponsible?

December 27, 2011 at 4:32 pm |

Steve

The president doesn't have the power or the resources to fix our economic problems. Neither does congress. It doesn't seem to matter what they do anymore.

December 27, 2011 at 3:48 pm |

cadillac_captain

All this finger pointing from one party to another is pointless. Yes, the republicans went on a spending spree when they were in office, but the democrats did the same thing when they were in charge.

The bottom line is BOTH parties are being obstructive to getting the economy on track.

December 27, 2011 at 3:49 pm |

dubya

Wise up!! we are NOT BROKE! SOMEONE JUST SPENT 500K ON MARILYN MONROES DRESS!! PEYTON MANNING GETS 100 MILLION !! Rush limfag makes 50 mil there is money out there

December 27, 2011 at 3:49 pm |

Matt

Guess CNN didn't like my comment stating facts about the US Federal Budget...

December 27, 2011 at 3:49 pm |

Gary

Not sure if it is right or wrong to raise the limit. I know Obama did not do this to us, just as Bush did not do it all on his own. This is a combination of years of mismanagement by Presidents. do not play the Clinton card - he lowered debt; no he borrowed from SS.

My biggest concern is during the depression money was funneled into the government to try and help. I read in a book about the Depression "America's Great Depression" by Murray Rothbard that the spending by the government actually prolonged the depression instead of decreasing it. The theory is the spending just kept the inevitable from happening to paraphrase.

So maybe instead of dumping money into the economy over a prolonged period of time, let the companies that could not make it fail (GM and Chrysler) and let the others take over (Ford). Let the banks that could not make it fail. Then the companies that did make it would emerge stronger and the recovery would be stronger. Instead we are getting a slow, prolonged recovery.

December 27, 2011 at 3:49 pm |

Richp

President to blame, hmmm, I never knew they did budgets, I always thought it was CONGRESS that screw ed the pooch..

December 27, 2011 at 3:54 pm |

PDXSerric

Be careful. If you start making sense, they revert to using terms they don't understand, like 'socialist', 'communist', and 'budget'....

December 27, 2011 at 4:05 pm |

1CentFree

Presidents don't do budgets, but they have full power to declare war. Which is what GW did and is why we are in so much debt to begin with.

December 27, 2011 at 5:50 pm |

palintwit

If GM and Chrysler would have gone down, chances are Ford would have been dragged down as well. The whole supply base was on the verge of bankruptcy, literally thousands of small NON-UNION companies. These companies supply all 3 of them. The domestic autos still account for 1 in 10 jobs in this country. Unemployment would have been 20% instesd of 9%.

December 27, 2011 at 4:10 pm |

ddblah

You can read a lot of things. But one thing that really matters is your own ability to analyze. Do you have the ability to analyze?

December 27, 2011 at 4:34 pm |

BMoney

Time for you bed wetting libs to please shut up. You war mongering, checkered pants, country club Repubs SHUT UP TOO. Your grasp on economics is feeble at best. And, NO, I am not a GWB fan at all. The fact is both parties have decided to mortgage all our futures and that of our children for their own fantasies of temporary power. They just differ on how they want to destroy our country, one side wants to spend spend spend till we can't spend other peoples money anymore and the other lies and and creates unconstitutional wars without end.....OR VICTORY.

Here's what needs to happen. America, end your "entitlement" feelings. The world doesn't owe you or anyone Squat. Make your own way in life and STOP looking for hand outs. Come to peace with it. The Gov't simply cannot spend it's way through our collective troubles. The Monetizing of debt (for those of you too stupid to know – that means endless money printing) is the fastest most efficient way to kill our national credit, value of our dollar and good standing in the world (although one could argue that has already happened). A pox on Libs, A pox on the War Mongers. STAY WITHIN THE CONFINES OF THE CONSTITUTION AND ALLLLLLLLTHESE TROUBLES WILL GO AWAY....Stop the wars. Congress never authorized it. Thus they are illegal.

What I want to know is, why NO ONE is talking about the extention on the Patriot Act that allows the militay throw citizens in jail without trial. No more Bills of Rights, eh?

December 27, 2011 at 3:50 pm |

troy

If I have five dollars I can't spend six. It doesn't matter if you rode into town on a donkey or on an elephant the system is brocken. Stop the finger pointing. Stop the spending.

December 27, 2011 at 3:51 pm |

Richp

Give him the money you republicans, don't fight it, don't sneak in any legislation give them exactly what they want, let HIM and the democrats take all the credit for what happens, let it go all the way down. I foresee new decorations from the various light posts in DC...

December 27, 2011 at 3:51 pm |

pw

To understand the US economy and its woes you have to understand the federal reserve and the fractional reserve system. The economy is based on debt. Period. Blaming one president or another is ignorant. The system is at the point of no return. It might be fun to play "sports teams" politically, but it means nothing.

December 27, 2011 at 3:52 pm |

Obamaturd

I understand it enough to know that gold will go to $2500/oz in the next three months!

December 27, 2011 at 4:09 pm |

reverance

Absolutely!
and who is talking about ending the fed?
Ron Paul that's who.

December 27, 2011 at 5:50 pm |

fda

America's doomed. We use our past as our guide to our future. We compare bad ideas to the bad ideas in the past. ANd say its okay because the other guy did it.

December 27, 2011 at 3:52 pm |

Canuckistan

I hate this 1% garbage.. 80% of the world lives on less than $10 per day. Get a grip!

December 27, 2011 at 3:53 pm |

7mm

This debt ceiling increase is $4000 per citizen. I'm not okay with it and will vote accordingly. It disturbs me how many Americans are fine with this this. They give current leaders a pass because past leaders have done the same. I wish I could pass my share of the bill onto those who are okay with the spending increases.

December 27, 2011 at 3:53 pm |

dubya

Ronald wilson (satan) regean 6 6 6

December 27, 2011 at 3:53 pm |

Peg - Az

Interesting, 1.2 trillion just covers the loss in revenue to GDP per year since Bush took office and the increases in defense spending. It is sad that because of the economy and the wars, that all of the increase on the debt ceiling, is just enough to cover the increases in the deficit from a loss of revenue and the increase in defense spending since Clinton left office.

700 billion a year is now lost per year due to our now record low revenue to GDP, 14.9%, as compared to Clinton's 20% (each 1% change represents 140-150 billion a year in lost revenue). In addition, far more than half of our increases in spending (extra 400 billion a year) is from increases on defense spending) The defense budget was 300 billion under Clinton and it is now close to 700 billion. Obama is still saddled with both of these things that were begun under Bush, that are adding 1.1 trillion to our deficits and debt every year. Due to the wars and the bad economy, also started under Bush, there is not much he can do about revenue at the moment, that will not impact the economy, except taxing the wealthiest, and the republicans will not even do this.

December 27, 2011 at 3:54 pm |

Peg - Az

What this means is that most of our current yearly deficit and debt increases over the last three years, are also from these past policy decisions, and due to the bad economy and the wars, not much could be done immediately to change this. It is sad that we already had such an enormous debt and such huge yearly deficit spending, racked up during god economic times, prior to Obama taking office, because it has made it so difficult to engage in deficit spending during an economic crisis when it is actually recommended.

December 27, 2011 at 4:07 pm |

Tschrny Wolf

Your type blame President OBAMA FOR WHAT WALKER BUSH DID. YOU may calm your guiltl, still somwhere you know he did. You are stuck in a fantasy past and hopeless. :) enjoy your misery.

December 27, 2011 at 9:23 pm |

Travis

Peg, you need to remember what Clinton signed 11 months after he took office: NAFTA. That had a delayed, but very real impact on our GDP. Manufacturing didn't go out of the US immediately, but it has been a steady stream since Clinton signed NAFTA into law. He should have known better. HW Bush helped draft it - shouldn't that have been a red flag for Clinton to veto it?

Clinton also had the luck of being president during the dot com boom, which gave us a great spike in GDP while things were booming. But, Clinton obviously had nothing to do with the boom - it was 40+ years in the making (progress of personal computers, networks, Internet, etc.). It was innovators, engineers, programmers, entrepreneurs, and investors that created that boom. Clinton gets as much credit for the dot com boom as the Republicans since Republicans controlled both Houses during the boom, right?

December 27, 2011 at 4:57 pm |

klewis

Ugh- Here we go AGAIN! with the Republicans/ TP taking the country to the brink of devastation because of racism (not doing anything help the country or the American people due to the race of the POTUS). smh.

I can't wait until 2012 so the American people's vote to them will be GTFOH.

December 27, 2011 at 3:55 pm |

vet in tx

GM and Chrysler took a bail out , Ford, at the same time and at the same table as the others, took a $9billion line of credit......call it Densani or Aquafina, we all bought bottled water!

December 27, 2011 at 3:55 pm |

palintwit

Ford, through nothing else but dumb luck and timing, mortgaged the farm and arranged for a traditional line of credit with the banks a couple of years before the collapse in 2007-2008.

December 27, 2011 at 3:59 pm |

eddie

Funny to read the posts of clueless moron sheep. You all trash Bush for cutting taxes but applaud Obama for the same. You all trash Bush for spending like a madmen, but applaud Obama for the same. Divide and conquer politics.

December 27, 2011 at 3:56 pm |

Peter

Maybe I" run my credit cards up to $100,000 and then just keep asking for credit limit increases so I can maintain a high standard of living that I really can't afford.Bring on the revoloution!!!!

December 27, 2011 at 3:56 pm |

G

B.O. needs to get a grip.

December 27, 2011 at 3:56 pm |

Dave Ramsey for President

If you ain't got, you can't spend it.

That's my philosophy.

December 27, 2011 at 3:57 pm |

Darrin

People are quick to say that Bush Spent around 800 billion to finance the Iraq war over a period of 9yrs and that Obama has spent a bit more over a span of about 2 or 3 yrs. But here's the difference. 800 Billion was simply wasted, like buying an Elephant skin moisterizer. It surved no purpose. That money could have been put into the Economy. At least we got results out of the Afgan was, (Bin Laden). And, at least Obama is trying to pure Money into the Economy.

December 27, 2011 at 4:00 pm |

JT

The President is just asking Congress to fund the expenditures they have already approved. He doesn't get to spend new money, he only gets to spend what Congress authorizes. They passed the budget but there isn't enough money to pay for everything they passed.
This is not an Obama problem.

December 27, 2011 at 4:01 pm |

James

Worst mistake I ever made was voting for this guy. Wont make that mistake again. The alternative is not much better, but IMO no one can do any worse. Obama might be the most unqualified president in the history of the US. These are very sad days to be an American. Hope everyone had a good Christmas.

December 27, 2011 at 4:03 pm |

PDXSerric

The debt ceiling has been raised by every president in the last 20-30 years. Including Regan. Well, at least this will give Boehner something else to argue about than the forced inclusion of a synthetic oil pipeline from Canada in an extension plan.

December 27, 2011 at 4:04 pm |

willie ray

There are so many misinfrom people, that they believe,any the nuts ,out their,tea party,less tax,or no taxes,somr one explain.to me.these so call Gop candate are,all about,cutting taxes for those mllnare cngress poeple.they are so call business.they run acountry like Usa. With all the egos.explain ?

December 27, 2011 at 4:04 pm |

Lion King

Blah! Blah! Blah! Less talk, more work folks-we have hard work ahead of US(United States)! Do, not say what u can to make things bttr! Thanks

December 27, 2011 at 4:04 pm |

JMO

Want to solve the Debt problem? Restore Tax Rates to pre-Bush levels, slash defense spending back to Pre-bush levels, close out the costly wars, pay for Medicare Part D, that Bush put into place, and eliminate the tax cap on Medicare.

December 27, 2011 at 4:04 pm |

F. Daniel Gray

It matters not who the president will be next year, or four years from now. I didn't and wouldn't vote for the current prez. I don't vote for war mongers, and haven't for several decades. FDR, a racist, and certainly no "liberal," after all he came from "old money," was shown the hand writing on the wall. Without government intervention on a massive scale, the contradictions of corporate America, were on their way to producing serious disruption throughout the nation. Even his moves, only slightly delayed the event. The actual savior was the war effort, where We could operate without interference from the distant hostilities. The "danger" posed by the Japanese descended on the West coast was a racist sham.

The military/industrial option has finally run its course. 14 million unemployed can't all be lazy. Offshore manufacturing has reached its nadir. Even a poor nation like Cuba, knows a nation looking to the future and modernization, cannot afford to have a sizable portion of the population uneducated and unhealthy. That's why they have decided to provide it, for free, and insist every one participate. A recent UN finding states it is has the second highest literacy rate in the world. Calling Obama a socialist (what kind of lunacy is that/) is a distraction from the actual problems of unequal distribution. Even though OWS cannot offer specifics, the simplistic one per cent verse the ninety-nine percent is adequate enough to emphasize the obvious flaw of the current conditions.

December 27, 2011 at 4:04 pm |

Martin

This is insanity. They will raise the debt ceiling and then devalue the dollar more to pay for it. If they continue devaluing the dollar it will be rejected as the world currency reserve and overnight the cost of almost everything in the US will double.

Democrats, Republicans, the collection of human filth that is running our country has no idea how to fix the problems and disaster is fast coming.

December 27, 2011 at 4:05 pm |

Obamaturd

This idiot is going to make bank interest rates and even those on annuities go to less than one percent with his worthless money. Why doesn't he just print about 100 trillion new dollars and say to hell with everything!!!

December 27, 2011 at 4:07 pm |

Watergirl

Why oh Why didn't we impeach him?!

December 27, 2011 at 4:08 pm |

Rob Stumpf

Of course he does. He doesn't know how to do anything else except spend money we don't have.

Four more years of this? Are people nuts?

December 27, 2011 at 4:08 pm |

Ben

I can't stand reading my guy is better than your guy. The bottom line is that we are being misled as to what the problem really is. Our dollar is crap and the federal reserve is primarily responsible by printing money or, quantitative easing, over the last few years. QA is when the Reserve takes bad debt off the balance sheets from the banks issues cash or credit in return so lending can continue. The lending didn't continue and the middle class took the hit like it always does because printing money creates inflation and when the value of the dollar goes down so does spending and saving.

You can't tax your way out of this mess nor can you cut taxes either. We need a balanced budget and a stabile dollar before we know what we can do next. If companies fail then let them fail because we need the free market to work to get out of this mess. If anyone says that Capitalism got us into this mess then please look up the definition. What we have is Corporatism in which big business and the federal governent work together to make policy.

December 27, 2011 at 4:09 pm |

alex

People people people... lets all stop for a minute, and think. Forget Bush, forget Obama, forget all the wars, the stimulus, and all the Republican/Democrat garbage. The elite scumbags of this world, including the Rockefeller clan, the Rothschild scum, the Queen of England, the six mega banks of the world, etc, are all sitting back and laughing at us, while we in-fight about the side-show congress and circus government that has been set up to make us think we have a say in what's going on. When we're done with that, then it's off distractions like Dancing with the stars, and the NFL. Oh and make sure you walkthrough the cancer machine at the airport and don't ask questions because if you do, you ain't and American! and dem lil Al CIA eda's is gonna get ya!!!!!!

December 27, 2011 at 4:09 pm |

Dan

Bush came into office with a budget surplus from Clinton and we were well on our way to paying off the national debt. 8 years and 2 wars later, Bush raised the debt ceiling SEVEN times and left us with MORE THAN DOUBLE the amount of debt he had when he first took office, and not a peep from Republican commentators. Reagan, another Republican tool, came into office and long with H.W. Bush QUADRUPLED the national debt in 12 years, and I didn't hear anyone sounding the horn against these GOP leaders, yet when Obama wants to avoid a U.S. shutdown, you cry foul? You're the idiots that got us into this mess!

Dear Republicans: face facts. YOU are the party of mass spending, not Democrats. YOUR party cuts taxes to the wealthiest 1% of Americans in history, and then blames poor people for the debt. YOUR party thinks "trickle-down" economics really works when history has shown that it devalues the U.S. dollar, thus making your "wealth" worth even less! YOUR party is controlled by the rich who can manipulate uneducated hicks (half of whom cannot find the U.S. on a world map) and wage a political war by stonewalling the House of Representatives in order to try and win an election in November, which will probably doom our country into solvency. Your party doesn't care about the country, or else it would not be so partisan. Obama bent over backwards for the Republicans, and now you have the nerve to ridicule him for doing something your party has practiced for the past 30+ years? Morons.

December 27, 2011 at 4:10 pm |

JB

The new debt ceiling is expected to satisfy U.S. debts until the end of next year LOL, I wouldn't bet the farm on that one.

December 27, 2011 at 4:10 pm |

driftss

why do we need more government spending and debt?? Why given the end of the Iraq war and the Libyan conflict do we need a Pentagon budget increase of over 1%??? Why does every gov't agency want a bloated budget?? Why the Democratic scam with a perceived two-month reduction in "taxes" that is really paying in less social security money to an already bankrupt plan–i.e., this is not a tax–but pre-paid (albeit panzi-schemed) plan for retirement??? Instead...lets cut budgets like the Republicans want, including the military budget, which republicans don't want, and deadweight entitlement programs, practice fiscal responsibility for the 1st time in decades, and lets all agree to kick everyone in the White House and Congress out at the next election!!!!

December 27, 2011 at 4:11 pm |

John Trainor

President John Adams said, “There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt.”

The United States of America has accumulated more debt since Obama took office than it did throughout the entire first forty-one presidencies combined from George Washington through George H. W. Bush. With Obama at the helm, America increases its debt by over 4 billion dollars every single day. It is estimated that the national debt will be nearly 17 trillion dollars by the time Obama's term ends on January 20, 2013. They continue to print trillions and trillions while pointing fingers elsewhere – anywhere else.

December 27, 2011 at 4:12 pm |

Anon

As an american youth, I'm so confused as to who I want to vote for.
I thought I wanted Obama back in the office but with all his spending I can't justify saying he's doing any good. Now Obama isn't THAT bad, he's alot better than Cain would have been and still a better president than Bush. After I found out Obama hired the same financial advisors that Bush had under his arm, along with big bank players and not going after the corporate wall street greed, I shook my head in shame and gave up. I definately don't trust republicans but I can't really trust democrats either.

I think I may have to go with Ron Paul, he's not as crazy as all the other Republicans and certainly not bought out. Am I just being stupid and not looking at all the facts? Is there perhaps a better place for resources so that I can make a sound decision for the future of my generation and this country?

Why do we even have Dems and Reps? Thought this was the UNITED states of america? If they keep arguing and putting our country to risk so much why not split it? The sharing of resources and division of markets will actually help for growth as one will depend on the other.

December 27, 2011 at 4:13 pm |

E Edison

We need ROn Paul.

December 27, 2011 at 4:15 pm |

Marc

This is the real news today. All the kings horses and all the king;s men can't stop the bleeding of our economy. We just keep swiping the credit card, pretending the problem will go away. It won't.

December 27, 2011 at 4:15 pm |

safejourney2

I wonder if there will be a compromise in congress on this?

December 27, 2011 at 4:15 pm |

Jack

There will be. This is of course after they threaten to shut down the government, disband the military, and do away with Social Security.

December 27, 2011 at 5:30 pm |

Peg - Az

So, (to continue from above) out of the 5.3 trillion increase in our debt, about 4 trillion are due to the continuation of Bush's policies (TARP, tax cuts, and wars). I assume the remaining 1.3 trillion is due to the stimulus and unemployment benefits, etc. So I really wish the number hounds would put this all in a better perspective for people.

December 27, 2011 at 4:15 pm |

joepar

Has anyone mentioned this yet?

"The latest request is the third of three requests *authorized by the contentious debt ceiling agreement reached last August* and is expected to come on December 30 – the day the debt is projected to fall within $100 billion of the current $15.194 trillion ceiling. The new request asks the ceiling be raised to $16.39 trillion."

When Congress finally passed legislation to increase the debt ceiling, it was PLANNED this way, to provide enough for a year but it required the President to request it in three different increments. This is not a surprise - this was expected, and Congress set up a mechanism whereby they would have to disapprove it to stop it but if they do nothing it will be increased.

Do people really have such short memories?

December 27, 2011 at 4:17 pm |

macstone

This president is determined to bankrupt us for generations to come. Who is he working for? He is not working for me or anyone I know. Vote republican! I know that the GOP Lineup doesn't look that good, but for God's sake I don't think any of them can actually do any more damage than Mr. Obama.

December 27, 2011 at 4:18 pm |

Sub Doc

ddblah,

Nice to blame Bush and try to defend Obama, but you can't get past the fact that our government has operated without a budget for 3 years. It is criminal that he has not held congress in session until a budget was passed. It is criminal that his wife can't wait on him to go on vacation resulting in millions of dollars in extra expenses. Just like a family can't survivie it is continually spends more than it brings in, neither can a government. Look at what is going on in Europe and decide when we cut off the free loaders in our country what kind of reaction there will be. The days is coming. The 53% are getting sick of seeing our paychecks shrink to support bigger government. The answer is for the US to become a producer nation again.

December 27, 2011 at 4:18 pm |

Duane - St. Pete FLA

we are Greece..........

December 27, 2011 at 4:18 pm |

Ray E. (Georgia)

I bet that is going to fly like a Lead Balloon. Can anyone say Depression? Just today Sears/K-Mars announces 100 to 120 Stores are going to close. I predict nothing will get better until we have a New Prisedent.

December 27, 2011 at 4:19 pm |

cindy

The "power of the purse" belongs to Congress, not the President. This won't end until we have a new Congress.

December 27, 2011 at 4:28 pm |

tracey

You underestimate the power of the president.

December 27, 2011 at 4:32 pm |

driftss

and Clinton only had a surplus because of the FAKE perceived income surplus of the housing market and internet boom, all which realistically came tumbling down as a result of failed Clinton policies that eventually took down Fannie Mae and most banks carrying bad house loans all predicated on Clintonomics. Factor in these overinflated markets and Clinton just taxed and spent us to death but nobody cared until the market tanked. Now the ecomony is bad and government income is down as a DIRECT result of these failed democratic policies. Don't blame Bush for everything. 911 was justification for at least the 2nd war, maybe not the 1st with Iraq. And without bush tax cuts even more jobs would have been lost to overseas, or to small businesses that couldn't afford to hire. Big gov't is NEVER the correct answer to an economic policy question.

December 27, 2011 at 4:19 pm |

Back@U

Who in their right mind is going to lend the US an additional $1.2 trillion??? We'll probably just end up printing more money and further erode ithe value of the dollar...

December 27, 2011 at 4:19 pm |

rep

Why is everyone flying off the handle about this?? None of this is new; it is all a consequence of the LAST debt ceiling debate. It was *expected* that the debt ceiling would be raised in 2 parts.

A $900B increase was agreed to in return for ~$900B in cuts over 10 years AND an *additional* 1.2 Trillion was expected by the end of the year in return for the mandated (but controversial) across-the-board cuts of $1.2T–which will hit the DOD pretty hard because the SuperCommittee failed to come to a better agreement.

Is everyone's memory that short really? Any debt ceiling increase is to pay for committments we've already made. Also recall that a $1T *spending* bill (i.e., for genuine new and/or continued spending) just flew through the House just a few weeks ago (and was signed Dec 23)...where was the outrage?

December 27, 2011 at 4:19 pm |

Vicky

Most people don't know what is truly going on and just freak out and post ignorant comments... sometimes I wish these comments sections would go away, but I end up getting sucked into reading the drama.

December 27, 2011 at 5:50 pm |

TAV

Problem has been going on for way past Reagan so these people blaming Obama for doing things he has to do to avoid collapse are disingenous at best and mostly have an agenda that involves little truth. Bush cutting taxes, drug plan, wars all were unpaid for and some done off the books so not to show. Having to keep paying for these unpaid plans is not the doing of Obama so get off it. Where were all the deficit hawks when Bush or Reagan drove up the debt like mad in good economies??? How about Bush Sr. actually working to balance the budget and creating an amendment to do so and getting voted out. Hmmmm Bunch of bull is all this Obama is creating all our debt problems. He has issues and is not without fault but that angle that he stands alone on this or should be faulted for keeping taxes low and trying to spend on infrastructure or the safety net to avoid major meltdown is just blind hatred. Again, get over it since the more you spew that nonsense the more many people see through it and think the actual negatives are twisted lies as well.

December 27, 2011 at 4:20 pm |

RealGlaird

I am impressed; liberals who know their budgetary facts. But do you see the pattern, regardless of party affiliation? Does it seem rational to continue to re-elect the individuals, regardless of party affiliation, who keep doing this?
In the SF Bay Area most incumbents have been fossilized in office for 2 to 3 decades. I hear a lot of people whine about how bad things are (And I am giving leeway to both political extreme ends.). But, in the end, you all are cowards. Because in the end, most everyone of you, re-elect their incumbent because of party loyalty. Or because you are on the government take.
Okay America. Put up or shut up. Starting from the executive branch, federal, state, and local, through the legislative branch, prove you are not spineless or self serving, vote no on every single incumbent.

If we do, I assure you, our representatives will get the message. But I don't expect much. In the end it's "me me me me".

December 27, 2011 at 4:22 pm |

Tully

As a registered and life long Democrat and progressive liberal, even I can't believe Prez Obama cannot see the lunacy of his economic policy. We are all on a downward spiral that was started by Republicans and compounded by SWAG's and poor judgment by Democrats alike. We are now doomed.

December 27, 2011 at 4:22 pm |

Serious Person

Make no mistake, the GOP spends money and LOTS of it. They just spend it on the rich. The republicans AND the democrats are guilty of overspending, they just spend it differently.

December 27, 2011 at 4:22 pm |

Jonathen

ya this is garbage. Enough with the raising of the debt ceiling. Learn to budget and pay your bills.

Imagine what life would be like if every joe average had that opportunity to just keep getting unlimited credit to pay off old debts.

I usually support the prez but In this case, i really hope Congress shuts him down. Why not lower the debt ceiling down to 7 trillion and learn to work within your confines.

December 27, 2011 at 4:26 pm |

Joe

It must be Bush's faults

December 27, 2011 at 4:29 pm |

Notzo Fast

Why not just ask for a quadrillion dollar debt ceiling now – save the trouble going forward.

December 27, 2011 at 4:29 pm |

Lps

If the President would have enacted Simpson-Bowles or Domenici-Rivlin .I wouldn't have objected to raising the limit to get us through this recession. The president had two viable plans to reduce the long-term debt and choose to do nothing. I have been a registered democrat for my entire life and last week when I went for a new drivers license i decided to become Non-Party Affiliate.

December 27, 2011 at 4:29 pm |

FelixCat

Huh. I thought Congress had to enact legislation. But apparently Obama can do it. Thanks for clearing that up. I must be thinking of some other country's Constitution.

December 27, 2011 at 6:16 pm |

misha

it's about time all religious organizations start to pay taxes. That would help, for starters.

December 27, 2011 at 4:31 pm |

KALOWG

ENOUGH ALREADY! Get the spending under control!!!

December 27, 2011 at 4:31 pm |

Roger Ogilvy Thornhill

Yeah, this is old news. About 4 months old. The voters have poor reading skills and poor memories. Because of that, it is effectively new news, unfortunately. So this will look bad in the eyes of those who are always looking for another rationalization of their bias against our president of color.

December 27, 2011 at 4:33 pm |

Mac

The race card, really? Most intelligent Americans don't care if the POTUS is white, black, hispanic, male, female or anything else......can they do the job? If race is being introduced, would it not have been the same thing for people of color to vote for Obama on that merit alone? We all need to start dealing with issues that are important and stop the partison and biased issues from winning in the press. Our elected officlas need to start working together for the people or they should all get the boot. Let me say one last thing, I am not a teabagger and do not in favor of any racial comments of any kind. We are Americans first!

December 27, 2011 at 5:44 pm |

erin

how hard is it to see that the more we keep "borrowing" the worse our situation is going to be.

there is no way to spend yourself out of debt- whether you are a person, a family, or a nation.

December 27, 2011 at 4:37 pm |

Joshua Ludd

And, of course, the Republicans will once again try to politicize this so that they can gain votes from people who don't understand what this is or what its history is or how many times it has been done in the past.

December 27, 2011 at 4:37 pm |

Tim

It is because of Politics that this goes on. This would have been avoided, If they produced a budget while they had full control of both houses they could be concentrating on the economy and job creation.

December 27, 2011 at 4:55 pm |

Hannibal7

More debt does not make it right. This is morally wrong. Thats like saying well, we piled gobs of debt on the people before... so it's OK to do it again. Give me a break... no way. Wrong is wrong.

It isn't just Obama or just GW. It's both sides, its the entire federal government. These folks where selected by us, the taxpayers, to act as fiduciaries for the interest of the american citizen. Whether it be for wars, social welfare, or whatever...for a household, business, or government to exist you cannot spend more than you take in year in and year out. We + $15 Trillion in debt with another + $116 Trillion in unfunded liabilities. Yes, on the micro level dems and repubs champion different causes (and i will not comment on who is right or wrong), but when you look at the big picture both sides together have bankrupted the american people.

December 27, 2011 at 4:39 pm |

John

390 days to go. Obama will cause ANOTHER credit downgrade. Obama is the worst president ever.

December 27, 2011 at 4:39 pm |

Andrew Friet

Right on! All this talk about the debt limit being raised when only one president (obama) has ever had the credit worthieness downgraded. Did Bush? NO I don't think so.

December 27, 2011 at 4:54 pm |

George

We need a chief administrator who can balance a check book. 16 trillion is just unbelievable. We need to get our fiscal house in order.

December 27, 2011 at 4:40 pm |

Flaming Liberal with an Apple iPad 2

Now that Obama is re-elected (the "election" is just a formality), I am so happy to see him doing what is right for this country. I would actually recommend raising it to $2 trillion, so more money can be spent on social programs. We also need a few tax hikes on all classes of society because the coffers are a little low.

More taxes and more spending is what this nation wants, needs, and deserves in order to reverse the damage done by Bush/Cheney.

Everything that is wrong in the world, past, present, and future, is their fault. Thinking otherwise is foolish and unwarranted.

December 27, 2011 at 4:42 pm |

joepar

Joshua, one of those people just weighed in two minutes after your last post...

December 27, 2011 at 4:44 pm |

big tax payer

as a people we should not allow our government or the media to drive a wedge between us. congress ( with no term limits) controls the budget.I will not vote for an incumbent until the spending is under control.everybody should pay some taxes.the rich should pay more and the government should freeze payrolls and spending.

Arguing is exactly what both sides love to witness. That keeps the Americans citizens divided which is what both parties want. Get it together people! The fact is Obama is the president now and he has not had a budget since he was in office. His promise was to bring the tropps home but he in fact just took them out of Iraq to send them to Afghanistan. He is giving aid that we can't afford and has lost billions in money that has simply vanished into thin air. Like it or not, his first stimulus plan failed and we still have no solutions. The illeglas and war are bankrupting our country. You can argue like little kids as to whom is to blame, but thet fact is that our current president is killing our country!

December 27, 2011 at 4:48 pm |

Travis

Oh the hypocrisy. Gotta love a President that doesn't stand by his own words:

"The fact that we're here today to debate raising America's debt limit is a sign of leadership failure. Leadership means 'The buck stops here.' Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America's debt limit." - Senator Barrack Obama, 2006

According to Obama's OWN WORDS, his leadership has failed. Three years into his presidency and he's trying to raise the debt limit again? Oops.

He was right about one thing though: Americans deserve better.

December 27, 2011 at 4:50 pm |

Steve

Inflamatory reporting much? At least put in the headline that this increase is part of the already hashed out 3 part ceiling increase that almost shut down the country this summer. With this kind of headline all you are trying to do is scare people into reading the article and getting revenue off of your display and click ads. Yes, yes, you put that in the content. Congratulations. No E. R. Morrow awards for you though...

December 27, 2011 at 4:50 pm |

Hitman

Someone please take away our checkbook and credit cards from this person!

December 27, 2011 at 4:52 pm |

Mike

America needs Ron Paul!!!!!

December 27, 2011 at 4:52 pm |

Kyle in Denver

As a country and individually we need to be virtuous with our expenses. We must decide how much of our income we are willing to sacrifice for government services. In your mind, what is the role of government? How much are you willing to pay in taxes? The answer to those two questions needs to balance otherwise your thinking is flawed.

December 27, 2011 at 4:53 pm |

Fo Mo Years

Let a Black man screw up this country for once.

December 27, 2011 at 4:53 pm |

Tim

Once again Washington has failed the American People. More wasted time on the Debt Debacle, If the Dems did their jobs and produced a budget while they had full control of both houses this would have been anticipated and avoided. They are not shy about asking for more money but do absolutely nothing to cut spending.

December 27, 2011 at 4:53 pm |

Donkey Party

What's wrong with America? Simply read the insanely ignorant comments from every right-winger on the Ticker to understand why. Calling them clueless about what the debt ceiling is would be too flattering.

December 27, 2011 at 4:55 pm |

Michelle

Donkey, if you think you can elevate yourself by insulting others, you are truly ignorant. 0bama is the worst president this country has ever had. The smart American people will vote him out in 2012!

December 27, 2011 at 5:03 pm |

Trace

Michelle,

While what Donkey said was in-artfully written, it is essentially true. I YOU, YOU, take the time to read the conditions of the agreement for raising the debt ceiling the last time, you will see that it was understood by all parties that the president would have to ask for 3 more increases over a period of time.

Yeah yeah, Vote out Bad Obama ...that's what the smart people will do. I guess you would like to consider yourself a part of that movement but it won't be as a member of the smart people, but rather those that know not of what they are talking about and are voting out of ignorance.

December 28, 2011 at 10:42 pm |

PeterD

I truly hope that This Begger go away in 2012.

December 27, 2011 at 4:57 pm |

Don

Now we really know Obama's nucking futz!

December 27, 2011 at 4:58 pm |

wild ride ahead

Oh cool. We are heading for the financial cliff and getting ready to stomp on the gas pedal, once again!

December 27, 2011 at 5:00 pm |

Lainie11

The only reason Clinton balanced the budget was because he had a Republican controlled congress. He really doesn't deserve credit for that, the Republican controlled congress does. And you can thank Clinton for NAFTA, sending all the jobs outside the USA. And that's the bare truth.

December 27, 2011 at 5:00 pm |

como1

And so if Obama got TARP and other stimulus he would then create a robust economy that would inturn not require the debt ceiling to be raised again. Obama did not tell us the truth. Oh and for you libs. Read the fine print in the Extension of Unemployment just signed by the Bloviator and Chief the Democrats added a "FEE" on all mortgages. The fee maxs out at $200,000 and is in effect for the term of the mortgage. SOOO this means that the average $200K mortgage will cost $4,000 more over the life of the loan. How does that $40 every @ WEEKS, not each week, feel? Great reporting CNN.

December 27, 2011 at 5:01 pm |

como1

Tax break is $40 every 2 WEEKS, not each week as you were told.

December 27, 2011 at 5:03 pm |

abnguy

A better solution would be to set the operating expenses of the government as a certain percentage of GDP spread over 4 years. If debt is needed than that should also be a set percentage of GDP. A question for all what % of GDP should the federal government have to operate on for the year and what % of GDP should the debt limit be?

December 27, 2011 at 5:02 pm |

Richard

Time to say NO, they keep hiking it and hiking it. We cant pay back what we have now, why keep throwing good money after bad. Time for everyone to take a benifit cut. First lose the EIC that isnt earned or deserved, then keep looking at things people think they deserve but has no basic on it.

December 27, 2011 at 5:06 pm |

usagoingbroke

I love how people on these forums jump right into the Dem vs Rep finger pointing. Bush did this, Obama did that, blah, blah, blah.
LOOK PEOPLE, wake up, blaming each other doesn't take anything from the, frankly, quite obvious problem that our nation is heading towards a financial disaster. Taxing the rich, the poor, the middle class, or whomever, isn't going to keep our nation from fiscal collapse. The only way to stop it (no matter who started it!) is to stop the spending, and bring it in line with revenues.
Be an AMERICAN first and stop blaming one political faction over the other. We are all in the same boat, and it's sinking. Are we not SHOCKED out of our shorts to hear the president will ask for the debt ceiling to be increased to $16.39 trillion dollars? That our government has to borrow another TRILLION dollars in less than 1 year since the last trillion dollar increase in the debt ceiling?
American wake up..........we don't want to face where we are headed, but we will face it none-the-less. If the person you are going to vote for in 2012 isn't talking about a balanced budget amendment to the constitution, and to stop the wild spending across all levels of government, you aren't voting for the person that is going to contribute to saving America.

December 27, 2011 at 5:08 pm |

Unpatriotic guy

The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China​ in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents — #43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back — $30,000 for every man, woman and child. That’s irresponsible. It’s unpatriotic.

December 27, 2011 at 5:11 pm |

Adam

Obama is no different than Bush. Spend more than you have. The only thing he's doing is buying time of the inevitable. A depression. Let me remind everyone, the majority was for the war right after 9/11 so you can't blame Bush, finger pointers.

This guy has no shame. Spending our children's and grand children's money on todays excess. How about cutting federal jobs by 50% back to 1980 levels. Obama's government is beyond wasteful. It is criminal.

December 27, 2011 at 5:13 pm |

Jeff

I read the first 50 or so posts and not one person mentioned the trillions we are spending on healthcare, ss, and other entitlements – everyone is worried about the billions in war expenses and tax cuts because they have political associations.

You should all google "Mary Meeker USA Inc" – its enlightening. Its pretty clear that we have top and bottom line issues bigger than the bush tax cuts, the war expenses, and anything obama has done. Were an interest rate hike away from insolvency at this point!

There are tax loopholes that need to be fixed, but thats like putting a band aid on cancer – all spending needs to be cut across the board and drastically. The government cant bail us out, the private sector has to, and every company is holding back because there is no confidence in our government.

December 27, 2011 at 5:13 pm |

Roger

To all the Einstein sideline economists-
1st. Who's money is this?
2nd. Regardless of who ran up the debt (democratic congress/prez or republican prez) any idiot knows that we have reached the end of our ability to borrow.

Come on people, had the first stimulus been used properly we have new bridges, airports, and highways. Instead we have solyndra and more political payoffs. Obama has not done a good job and anyone that thinks so is blinded by politics.

December 27, 2011 at 5:15 pm |

steve

this is very upsetting
cut out the entitlement programs and make the lazy riff raff fend for themselves.

December 27, 2011 at 5:16 pm |

dave

Dear obama, go the f away in 2012, stop putting us further in debt, you're truly a useless human being.

December 27, 2011 at 5:17 pm |

nate

Good luck with that Obama. He had a hard time getting the payroll tax cut together. How does he expect to get a do-nothing congress to do work?

December 27, 2011 at 5:18 pm |

The Ghost of Kim Jong

I think most of you are right. The debt should be raised again and again without limit or regard to spending. All of the presidents had their reasons to spend for Americans and America. The spending should continue. I am unsure why the President doesn't ask for more than that pittance. He is the President, he should have what he wants for the good of the people. The government is the only entity that knows what is right and and "just" for everyone. What are those big printers for anyway? To look at? I think the great economy would be so good if america borrowed double of what the current debt is. The president could save everyone.

December 27, 2011 at 5:19 pm |

foreverwar

Really no point in calling this a ceiling.

December 27, 2011 at 5:20 pm |

someone

As an American citizen, I formally DECLINE his preposition.

This d@mn country needs to get its act together before we, the citizens, make it. Want us to act? Want us to force you out of office and scare the living heck out of you? Keep on wasting the money we give to you, every single day.

December 27, 2011 at 5:20 pm |

Wylie-Mike

Bush did stupid with the budget. Why does his stupid justify more stupid.
Bush must be quiet through all this because he believes that Obama is following through with his own policies with a vengeance.

December 27, 2011 at 5:21 pm |

FDR

Liberals are out of their minds. Stop worshipping Obama...stop drinking the kool aid. He is not helping by kicking the debt can further down the road. Is this how liberals and democrats run their homes?...I am losing money so I should get credit cards so I can spend more...that will help.

December 27, 2011 at 5:22 pm |

Mitra

lol, some people are so full of it. The war is what got us into this mess in the first place, you Obama haters who are too busy creaming over the Tea Party and possibly Sarah Palin can get over yourselves and stop trying to put blame on someone who isn't to blame for. Guess what sweeties...most people know the real deal, you guys are the minority. Thank goodness my generation isn't full of dimwits that support extremist Republicans.

December 27, 2011 at 5:22 pm |

a disgrace

the american people need to demand the process of removing obama from office is started before the entire country collapses into another depression if its not already...

December 27, 2011 at 5:22 pm |

whome

Not a dime more, cut it by 4 trillion fool.

December 27, 2011 at 5:23 pm |

Dave

WOW, almost a 10% increase in budget. I wish my household could increase it's budget 10% next year, at somebody elses expense. We are going to have to decrease our budget due to inflation, etc. MUST BE NICE to make the rules that everybody else has to follow, like it or not!!!

December 27, 2011 at 5:24 pm |

whome

obama cut it not increase it what is wrong with you?

December 27, 2011 at 5:24 pm |

stop blaming bush

the democrats controlled washington the last 2 years of the bush term. the dems packed every bill with so much PORK.and then Obama came to power, the dems were like a kids in a candy store

Its Bush's fault. Its Bush's fault. At what point in his presidency will Oblamo start taking responsibility for something. Anything.

December 27, 2011 at 5:25 pm |

Flex

He never will....remember he is the father of the culture of "too big to fail" which goes hand in hand with "too big of an ego".....need I say more?

December 27, 2011 at 5:29 pm |

stop blaming bush

its Obamas fault

December 27, 2011 at 5:30 pm |

whome

I guess he needs the increas to buy votes.

December 27, 2011 at 5:26 pm |

Flex

Keep digging us into a bigger hole Mr. Obama.....it's an addiction and you know it!

December 27, 2011 at 5:27 pm |

Arbour

The problem is that Obama does not have any idea on how to improve the economy and create jobs. He is at his best talking about hope and change, not at making it happen. Any elementary school kid can tell you that he/she would raise taxes to balance the budget. Obama may be good at selliong a vision, but where is the exective skills needed to fulfill the vision?

December 27, 2011 at 5:27 pm |

shyboy69

Nearly one-half of all Americans get some sort of government assistance. Not coincidentally, nearly one-half of all Americans don't pay federal income taxes. And these statistics aren't a whole lot higher than before the recession. It's just that we had more revenue before the recession, so we didn't really care so much about all of the freeloaders. It's high time that we stop enabling the government spongers. NO bennies to immigrants, NO permanent food stamps, only disability and SSI for those who TRULY need it, needs-based social security checks, no government unions, etc etc etc. Only when we become fanatical about ending waste, fraud and abuse will we EVER get this debt under control.

December 27, 2011 at 5:28 pm |

stop blaming bush

JUST CUT WELFARE PROGRAMS. let them starve or find a job

December 27, 2011 at 5:29 pm |

open400

We send all our businesses and jobs abroad so we can buy cheaper products at Wal-Mart. With all the good jobs some where else, who has the money to be a consumer or money to fund the government. A strong middle class with secure jobs was what made us strong and the destruction of the middle class is what made us weak.

December 27, 2011 at 5:29 pm |

john

Obama when you’re in a hole the #1 rule is stop digging. His solution of adding more debt for more out of control government spending is pushing this nation over the cliff.

Nov can't get here soon enough

December 27, 2011 at 5:29 pm |

Chuck in Jasper, Ga.

Another uninformed, uneducated Republican troll. I know facts do not mean much to republican sock puppets, but here you go anyway... Increasing the debt ceiling, is to pay for what has already been spent. The funding is REQUIRED to pay for obligations already incurred. Obama is not continuing to dig although you are so uninformed that is what you believe. He is attempting to have the Government live up to its promises and obligations already approved. He isn't spending anything that hasn't already been spent in other words you simple minded parrot.

December 27, 2011 at 5:46 pm |

Tschrny Wolf

Rather when President Obama uses the money to repair and benefit Americans and create jobs faster, most Americans will thank him and re-elect him. hahahahahahahaha.

December 28, 2011 at 12:52 am |

Ray

When are the idiots who respond to these message boards going to figure out that IT DOESN'T MATTER ANYMORE WHO GOT US HERE! We are here and this has to be fixed. It is not about the Dems and the GOP and the Tea Baggers. It is about the future of the country and out standard of living!!!!

WE ARE RESPONSIBLE BECAUSE WE LET WASHINGTON DO THIS FOR SO LONG. Now WE MUST TAKE RESPONSIBILITY AND ELECT SOME A-D-U-L-T-S who will put asside the partisan BS and work to solve these issues.

December 27, 2011 at 5:30 pm |

jj

Obama just doesn't get it. Just what this country needs, another $1.2T in debt!

December 27, 2011 at 5:30 pm |

AtomicAJ

Just stop spending so much money! Repeal ALL the tax breaks, ensure everyone pays at least SOMETHING and quit spending money like there is no tomorrow.

December 27, 2011 at 5:31 pm |

4sense

THE DEBT CEILING MUST BE RAISED DUE TO INSUFFICIENT REVENUE. IT TAKES A MINIMUM AMOUNT OF INCOME FOR THIS COUNTRY TO OPERATE & FUNCTION. YOU CAN ONLY CUT SPENDING, NOT ELIMINATE IT.

December 27, 2011 at 5:31 pm |

Reagan

Sure just like anything here in America that anything that the white fellow does is good and when a African American comes in and tries to clean up this mess it always comes down to race blame the black guy , White America will believe it . Just like that woman who drowned her kids in that lake and she tried to blame it on a Black man who car-jacked her . Funny how it all comes around to the same old blame game !! America you need to check yourself !

May 2003: Congress approves a $900 billion increase, raising the debt limit to $7.384 trillion. All four approve.

November 2004: Congress approves an $800 billion increase, raising the debt limit to $8.1 trillion. All four approve.

March 2006: Congress approves a $781 billion increase, raising the debt limit to $8.965 trillion. All four approve.

September 2007: Congress approves an $850 billion increase, raising the debt limit to $9.815 trillion. All four approve.

Database searches revealed no demands from the four legislators that debt increases come accompanied by drastic spending cuts, as there are now. In fact, the May 2003 debt limit increase passed the Senate the same day as the $350 billion Bush tax cuts for the wealthy.

December 27, 2011 at 5:34 pm |

darwin

Notice you don't see REPUBS agreeing to reduce the OBSCENELY GENEROUS congressional pension plan! Until they do that, then they're just another bunch of frauds who TALK "frugality", so long as it doesn't reduce THEIR rich retirement plans.

December 27, 2011 at 5:34 pm |

Steve, Irvine

President's don't have much sway over the economy, they can only approve/disapprove of Congress' budgets and legislation. Congress' lack of fiscal discipline, greediness for themselves, and pandering to those who feed them campaign donations, over both Obama and Bush admins, put us in this mess. Take money out of politics completely, and get some people with etiquette and the will to compromise, and we'd be on the right path.

December 27, 2011 at 5:35 pm |

Charlie

For those bashing Obama on this please take note!! This request to raise the debt limit is not coming out of the blue. This debt ceiling increase has already been approved by Congress (Democrats and Republicans) as part of the August debt ceiling agreement. So this is not new. The CNN story is short on details so I can see how it could be misinterpreted. So let's be clear: This is the third and final request to raise the debt ceiling as spelled out in the August agreement. No surprise here, nothing new.

December 27, 2011 at 5:35 pm |

gary

I remember back to the early 70's and a strong, honorable America. That America is dead. We are Toast

December 27, 2011 at 5:35 pm |

Eric H

People, stop blaming Bush. Obama has now been in office for 3 years and promised "Hope & Change." I really have failed to see much of that. We need a businessman in office and not someone who wants to distribute the wealth. I don't know if you guys have taken any Econ courses, but I much rather prefer efficiency over equality when it comes to trade-offs.

December 27, 2011 at 5:38 pm |

Obama the Spender

How surprising. Obama promises the world to buy his constituents and now we need to raise the debt ceiling again. When will Americans learn that we cannot keep spending and taxing our way out of this mess. There will be hard times, but this president is going to make the eventual self-correction (free market correction) much harder on people, especially the middle and lower class. If we offset the current debt ceiling with taxation, what do we do for the next, tax more? America has to be competitive on tax rates or people will leave, look at NY. People can demonize the right as much as they want, but truth be told, the higher the debt there will be more people acting conservative and the lower the debt the more liberal and giving they will become. Bush was a progressive that raised the debt due to war, Obama was to correct this debt and bring our troops home with a mission accomplished, but decided to increase the debt with unfundable social programs and will ruin our gains in Iraq, (debatable as we shouldn't have gone there to boot). People beat up Tea party members, but at least they have acknowledged that our Gov't has become much bigger and that we have a spending problem and some sacrifices have to be made in our Gov't. Gov't should scale with the economy, our Gov't is so big it's trying to take over the economy and will fail miserably if not put in check.

Obama is spending 100's of billions on wars that he is FULLY responsible for, he did not close the prison on Cuba, another lie!!! Dems have controlled senate for over 5 years and controlled the HOUSE for 4 years, thats whats hurting AMERICA, repubs were voted in to stop the super liberal policies of Obama but the party of no, DEMS say no to everything they try to do to create jobs,they the repubs have sent 20 bills to the senate DEMS to creat jobs and they have said NO, KING OBAMA IS DESTROYING AMERICA, GOD HELP US, NOW HE WANTS 1.200.000.000.000 dollars more to destroy AMERICA, WE NEED NEWT GINGRICH NOW

December 27, 2011 at 5:38 pm |

Hank

...WHY ARE THE USA CITIZENS FORCED TO REPAY DEBTS??? THE GOVERNMENT SHOULD BE HELD TO THE SAME STANDARDS AS THE PEOPLE.

December 27, 2011 at 5:39 pm |

gtbdave

Apparently all those massive, republican, tax breaks to the rich did nothing to reduce the debt, create jobs, or promote growth. Now all the republican candidates want even more massive tax cuts for the rich, to repeat the same processd that caused the massive recession, the huge debt, as well as the massive joblessness. The republicans have a mass case of amnesia, they forgot the Bush Administration, and all those republican economic policies, that nearly destroyed all of democratic capitalism and caused the largest recession known to mankind. Any mention of the Bush Administration's massive failure on the economy brings about mass hysteria from the republicans, even though those that lived thru that massive economic debacle still rememer it clearly, and are still living in the aftermath of the massive republican economic debacle. It's just a convenient, cracked way that republicans look at things, hoping to delude the entive voting public, we are supposed to believe that Bush was a huge success on the economy, that the Bush/republican recession is not really happening.

December 27, 2011 at 5:39 pm |

davec

You Liberal, Democrat, Socialist kool-aid drinkers are PATHETIC!

December 27, 2011 at 5:40 pm |

LaJollaRich

McConnell, Cantor, Boehner, and Kyl (all Republican) voted for 19 debt-ceiling increases during the Bush Administration without drastic spending cuts. These Republicans viewed the increase as vital to keeping the economy running. But during the Obama Administration its all politics.

December 27, 2011 at 5:48 pm |

Tschrny Wolf

Oh, really? and what are you? Your profiting is over. Now, we the people need urgent help and jobs.President Obama is on our side and cares for the middle and working classes plus poor unemployed Americans. Go away to cherish your gold coins. You are so naive!

December 28, 2011 at 12:57 am |

TBaggersSuk

Tea apparently causes memory loss. Educate yourself tea drinker...

December 28, 2011 at 3:00 am |

Bob

We simply must get this excess spending under control before the USA goes completely broke.Stop blaming prior administrations as this one has been in office 3 years now and things have been getting worse. The excess spending has only helped to mask our dire financial situation.

December 27, 2011 at 5:40 pm |

Tschrny Wolf

to bob: your fancy fantasy economic theories that serve your goals and profiting do not apply and almost destroyed our economy. Thanks to President Obama, ruin was averted. He is right, our deficit ceiling needs more flexibility. The rigid republican limits only caused decay and ruin. Instead a higher deficit ceiling would allow us to repair vital infrastructure and fund very important organizations like SSA, THE FOOD and Drug Administration and border safety patrols. the Republican plans leave us open to terrorist attack and pests.

December 28, 2011 at 1:06 am |

Austrian Econ

No, thanks to President Obama, ruin was continued by more debt, more bailouts and more money printing.

December 28, 2011 at 9:48 am |

AzMark

Hello Visa/MasterCard? I have maxed out my credit cards and can't pay them. I want you to increase my credit limit.

December 27, 2011 at 5:41 pm |

davec

You kool-aid drinkers would blame Bush for the sinking of the Titanic and the start of WWII if you thought CNN would go along!

December 27, 2011 at 5:41 pm |

dan

I don't caerw who raised the debt 10 years, 20 years or 30 years ago. Raise the debt ceiling 10 trillion dollars and be done with it. The proviso is the current tax code is scraped and institute that everyone and I mean EVERYONE pays 15% taxes on all and I mean ALL income. salary, investments, capital gains...ALL INCOME.

December 27, 2011 at 5:42 pm |

Jim

The fact is Obama has spent in three years what Bush did in eight. We, the few that continue to pay taxes, cannot afford the spending that Obama is addicted to.

While it is nice to blame the wealthy, the fact is the middle class will have to contribute significantly to pay this debt. The poor are likely to see more programs go away because the debt will have to be paid one day. You can take every penny from the rich and our debt will still be excessively massive.

It is time for us, the tax payers, the voters to stop listening to the political c rap coming from both parties and think about our country while we still have one. I agree we have a population that needs help, but we also have a larger population that needs to make better decisions in life, parents need to be involved and we have to get off the assumption that we can spend ourselves out of our problems rather than solving them.

Many of the programs we have and are spending massive amounts of money on have been around for decades and all we have for them is more people in poverty, larger debt and a population that believes that the government will take care of them and their children forever. We have political leaders who, for the first time in my lifetime, are actually dividing the country, telling us that the other group is the cause of our problems and if we reelect him he will take their wealth and give it to us. I'm sorry, but that is not leadership, it is sending the country down a dangerous path that could result in a civil war.

December 27, 2011 at 5:42 pm |

davec

Give up, Jim! They're so high on the kool-aid they CAN'T think for themselves............

December 27, 2011 at 5:45 pm |

ddblah

I wonder who can't think. You see, economy is never that obvious. You do need basic education to understand it.

December 27, 2011 at 6:21 pm |

LaJollaRich

I hear that on fauxnews all the time like a stuck record.

December 27, 2011 at 5:50 pm |

Hannibal7

Spot on.

December 27, 2011 at 6:16 pm |

ddblah

It is really funny when it is time to spend to save the economy, you say can not afford.

You should have questioned the spending when the economy is good.

The fact is, we have to spend. Otherwise, we would repeat the great depression of 30's. It's really dumb to get it twice.

December 27, 2011 at 6:20 pm |

Jim

Funny you mention the great depression, so you must know that the "New Deal" was a failure and that it was World War II that pulled the country out of that depression, right?

December 27, 2011 at 7:15 pm |

Tschrny Wolf

reply to conservative Jim: HOW DID WALKER BUSH DO THAT? BILL CLINTON LEFT A SURPLUS, NOT A DEFICIT, BUT AFTER BUSH GAVE TAXCUTS TO THE RICH, THE DEFICIT STARTED AND JOB LOSSES, COMPANIES LEFT AND INCREASED JOB LOSSES. INSURANCE RATES SOARED. THAT IS WHY MCCAIN LOST. NO TWO WAYS ABOUT IT :l)

December 28, 2011 at 1:11 am |

Austrian Econ

No, Clinton's economy was a product of the .com bubble that was destined to burst. Of course, when it did, toward the end of his presidency, Bush came in and decided to replace it with the housing bubble which also burst (as all bubbles do). We are now employing the same philosophies of more debt, deficits and high government spending that keep the country on a drug addict like fix.

December 28, 2011 at 9:46 am |

DB

Has this fool POTUS lost his cotton picking mind? We have reached our credit limit and are now up to our noses in debt and he wants to add more to the load? WHY? Pee poor planning on his part and Congress's part does not necessarly mean an emergency on our part. Either these 555 idiots that are political hacks in Washington DC better wake up and do their jobs or the American Public hopfully will fire the lot and replace them with folks that have some trust, skills, and morals. This lot sure has proven they don't have any of those atributes.

December 27, 2011 at 5:42 pm |

davec

Your comment is awaiting moderation. (wonder why?)

You kool-aid drinkers would blame Bush for the sinking of the Titanic and the start of WWII if you thought the media (removed this web site's name) would go along!

December 27, 2011 at 5:42 pm |

RAMBLE3144

Higher debt. NO budget cuts. Just tax increases. He's a disaster in the real meaning of the word, i.e. destroying our great capitalist country, which has produced like no other before socialism.

December 27, 2011 at 5:43 pm |

dan

I don't care who raised the debt 10 years, 20 years or 30 years ago. Raise the debt ceiling 10 trillion dollars and be done with it. The proviso is the current tax code is scraped and institute that everyone and I mean everyone pays 15% taxes on all and I mean all income. salary, investments, capital gains.

December 27, 2011 at 5:46 pm |

RAMBLE3144

I agree.

December 27, 2011 at 7:12 pm |

RAMBLE3144

I also agree.

December 27, 2011 at 9:11 pm |

Tschrny Wolf

A WONDERFUL ONE, AND ONE OF OUR BEST PRESIDENTS ! LET US ALL VOTE FOR PRESIDENT OBAMA :) FOUR MORE YEARS, YESSSSS, RA RA RA!

December 28, 2011 at 1:14 am |

skytag

@RAMBLE3144: "Higher debt."

What's the alternative? Cut federal spending by half, put several million more people out of work and plunge us into a second Great Depression? You haven't spent 10 seconds studying this to understand it, have you?

"NO budget cuts."

There have been some cuts, but cuts cost jobs.

"Just tax increases."

All of the cuts proposed almost exclusively impact the poor and middle class. The top 1% is paying a lower average tax rate than they were during the Clinton era. If they don't have to pay a little more in taxes then they effectively sacrifice nothing to address the deficit and all of the burden of sacrifice falls on those who can least afford it.

"He's a disaster in the real meaning of the word, i.e. destroying our great capitalist country, which has produced like no other before socialism."

This is idiot talk from someone who has been brainwashed to believe a lot of nonsense, nonsense he was willing to believe because he has failed to educate himself about important issues, choosing instead to let Rush Limbaugh or some other right-wing source tell him what to think, fear, and hate.

"Educate and inform the whole mass of the people...they are the only sure reliance for the preservation of our liberty." — Thomas Jefferson

"The truth is, as much as we want to focus on politics, the American people would rather watch television. As much as we want to talk about substance they'd rather listen to music." — Republican political consultant Frank Luntz

December 28, 2011 at 2:45 pm |

davec

You kool-aid drinkers would blame Bush for the sinking of the Titanic and the start of WWII if you thought you could get away with it!

December 27, 2011 at 5:43 pm |

PCBURGH01

the budget process has been written this way for years. Don't jump suddenly after this has been raised a record number of times with record level increases 7 times in the prior 10 years. There needs to be restraint, but who's going to fold and let down their special interests? Dems and social welfare or Repubs and massive tax breaks for the wealthy and defense spending? It will be the same thing over and over......this message was brought to you by the RNC. Don't kid yourself of that for even a second.

May 2003: Congress approves a $900 billion increase, raising the debt limit to $7.384 trillion. All four approve.

November 2004: Congress approves an $800 billion increase, raising the debt limit to $8.1 trillion. All four approve.

March 2006: Congress approves a $781 billion increase, raising the debt limit to $8.965 trillion. All four approve.

September 2007: Congress approves an $850 billion increase, raising the debt limit to $9.815 trillion. All four approve.

Database searches revealed no demands from the four legislators that debt increases come accompanied by drastic spending cuts, as there are now. In fact, the May 2003 debt limit increase passed the Senate the same day as the $350 billion Bush tax cuts for the wealthy.

Nothing will ever happen till we get rid of the party systems... This back and forth bickering is getting old. How bout a solution instead of spewing hate for the other side.

December 27, 2011 at 5:45 pm |

Yoski

It's the Democrats fault, no its the Republicans. Once we're done with the game of the fool blaming the idiot it is time to take a look at reality. Reality is that debts that can't be paid back in honest money won't be paid back in honest money. Your average deadbeat spend-a-holic will simply default while uncle Sam has the Bernank and his printing press to fall back on.
Without the FED buying up treasuries we already would be where Greece is today. There really is no way to turn the ship around anymore. The point of no return was crossed during the Bush presidency. There are very few ways forward once the fiscal and economic situation has deteriorated to the point we are at right now.
1. print the money which leads to inflation and the slow erosion of claims. Everything will be paid back in nominal terms.
2. default or currency reform and go into a deflationary depression
3. Some miracle technological discovery, possible but very unlikely
4. Austerity, much less food stamps, unemployment, medicare, social security etc. risking riots and revolution
5. All out war trying to rape and pillage other countries. Moderately successful in the past but extremely dangerous in the nuclear age.
I hope for option #3 but realistically only 1 and 2 are on the table. Typically politicians opt for number 1 b/c it is easier to play the blame game.
What we are currently experiencing in the US, Japan and the Euro zone are the consequences of a debt based monetary system and exponential growth. It is a mathematical certainty that at some point in time the exponentially growing debt can't be serviced any longer be the real economy which is constraint by a finite planet we live on.

December 27, 2011 at 5:45 pm |

Bill

Love how all of you are so quick to blame Obama. Maybe if he spent a bit of time and comprehension to read the couple of paragraphs in the article, you *might* realize that this is nothing unexpected. In fact, this line pretty much says it all:

"The latest request is the third of three requests AUTHORIZED by the contentious debt ceiling agreement reached last August " (capitals are mine).

December 27, 2011 at 5:46 pm |

Jim

Oh, thanks for clarifying that Bob. Please tell us when it is the right time to be concerned. Should it be when we hit 20 trillion or 30 trillion? Should it be when we become Greece, nobody is lending to us and unemployment hit 60%? Please enlighten us? Just how much more should tax payers accept, you know be fair to the president before it is ok to say enough is enough and to recognize that we have to slve our problems not spend our way around them.

December 27, 2011 at 5:53 pm |

Andrew Friet

We are already dangerously close to Greece.......

December 27, 2011 at 5:54 pm |

LaJollaRich

Should have been concerned in 2002, 2003, 2004, 2005, 2006, and 2007 when the debt-ceiling was increased several times to the tune of $3.8 trillion.

December 27, 2011 at 6:03 pm |

ddblah

When the economy takes good shape, we should all press the congress/president to cut spending and balance the budget.

December 27, 2011 at 6:16 pm |

Charlie

Thanks Bill. But the situation may be hopeless. Everyone wants to yell and scream and no one wants to listen.

December 27, 2011 at 5:58 pm |

Tschrny Wolf

NO. CNN IS NOT FOX NEWS, THANKFULLY! RATHER THAN YOU SAY, ANSWERING YOU WASTES TIME AND IS A DISTRACTION. WHY DO I DO IT; THAT IS FOR ME TO KNOW, NOT YOU. ACTUALLY MANY POSTERS DISAGREE WITH YOU AND OTHER CONSERVATIVE POSTERS. SO DO NOT COUNT YOUR PEARS BEFORE YOU EAT THEM, YOU MAY POISON YOURSELF.

December 28, 2011 at 1:19 am |

Andrew Friet

My dad can beat up your dad!

December 27, 2011 at 5:47 pm |

JewSA

Amerikka going to borrow more money to support the Zionist Apartheid state.

December 27, 2011 at 5:48 pm |

Andrew Friet

America nedds Ru Paul!

December 27, 2011 at 5:48 pm |

BMoney

Ron Paul 2012!!! Stop the madness. Fire the politicians. There really IS an option to the continued ingnorance of the current administration or returning to the lies and war mongering of Dub-ya. Why do Amercans feel like they only have two choices, red or blue?? Read your Bill of Rights again people...Eventhough Ron's running as a Republican, he is not considered one by the rest of the checkered pant, country club folks...Again, RON PAUL 2012!!!...please do not elect another bed wetter...

This government is headed to go belly up. The inevitable bankruptcy of this government will ruin the future but those with power do not care.

December 27, 2011 at 5:50 pm |

Curt

How long do you think they will allow Obama to take out loans on the citizens of America?

Then of course bail out the banks again....

December 27, 2011 at 5:50 pm |

Bill

What everyone is forgetting is that the republicans voted for this increase during the last debt ceiling increase. they just wrote it so that they can vote against it and still have it passed. it's the same as voting yes, but now they can use it for political purposes because everyone has already forgotten what actually happened. you are all like puppets on a string getting played by the republican party.

December 27, 2011 at 5:50 pm |

Linda

Well that's easy enough. I think if I can't pay my credit card debts I'll just ask for the credit limit to be raised enough to get enough money from the card to pay down another card so I can ask for the credit limit on that card to be raised and on and on and on...................until the whole economic illusion explodes in our faces.

December 27, 2011 at 5:50 pm |

bad2worse

And that is the problem Linda-The politicians from both political parasite parties luuuuuuuuuuuuv to spend OUR money and they don't care. No matter which of the parasite parties has the majority-they will rationalize why they have to spend, spend, spend and spend some more!

December 27, 2011 at 5:55 pm |

Tschrny Wolf

iNANE REPUBLICAN SPECULATIONS? TSK , TSK

December 28, 2011 at 1:22 am |

NewtRocks

Newt mops the floor with Obama in 2012! Obama is finished.

December 27, 2011 at 5:50 pm |

Semi

Ron Paul 2012

December 27, 2011 at 5:50 pm |

Chuck in Jasper, Ga.

Republicans need to get take classes on what raising the debt ceiling means. That is obvious by all the inane comments about Obama continuing to dig, over spending, excessive spending etc. The money is already spent you dimwits. Raising the debt ceiling allows the government to meet its obligations. Obligations already on the books. I know it is hard to grasp facts that do not support the rhetoric but give it a try.

December 27, 2011 at 5:50 pm |

bad2worse

I probably got here too late. So what!

Raising the debt ceiling has been done by so many other presidents.
The republicans did it more.
OK! Got it!

Just because they ALL did it doesn't make it right.

And now the big question-

Is it ABSOLUTELY necessary to do it again???????????????

December 27, 2011 at 5:50 pm |

Jim

You're right, other presidents did it too. But when Obama was a senator he voted against raising the ceiling calling it a failure of leadership. So am I wrong to agree with him today and say that this too is a failure of leadership?

December 27, 2011 at 5:55 pm |

bad2worse

No Jim you are not. I would have hoped that he would try to find a way to cut spending and get this monstrosity under control.

December 27, 2011 at 6:01 pm |

1CentFree

Yes. The failure of leadership he was referring to was declaring unnecessary wars in two countries when we were already in debt and then raising the debt ceiling to support those two wars. Now that we have the debt, we need to raise the ceiling to avoid a default.

Because if you really think these idi0ts in congress are going to agree on budget cuts before we default and lower our credit rating AGAIN, you are just as bad as they are.

December 27, 2011 at 6:02 pm |

ddblah

Yes, precisely the way it should be: cut the government spending and debt when the economy is good and spend the government credit when the economy is bad.

That's the smart policy and the only policy that can work.

December 27, 2011 at 6:05 pm |

joesixpackjr

Obama was just being partisan when he voted against GW Bush's debt limit increase. He was also being partisan when he voted against Alito and Rroberts for the Supreme Ct. We elected the most partisan member of the Senate as President, and now CNN says the tea party and the repubs caused gridlock. Typical CNN BS.

December 27, 2011 at 6:35 pm |

Tschrny Wolf

So what, all humans make mistakes and he was young and inexperienced. Besides no candidate knows the dilemmas Presidents confront. Your Reagan raised taxes in California when he was governor there. Also President Obama has experience as sitting President and has great compassion and works hard to create jobs and help the middle and working classes so he is what we need :)))))))))P

December 28, 2011 at 2:04 am |

Tschrny Wolf

NOT REALLY. IF WALKER BUSH MISUSED THE CLINTON SURPLUS, THAT DOES NOT MEANT PRESIDENT OBAMA WILL DO WHAT BUSH DID. RATHER DEMOCRATS LIKE FDR AND TRUMAN AND OBAMA REALLY WANT TO HELP US TO REBUILD AMERICA AND ITS ECONOMY. DEMOCRATS ARE LESS TIED TO THE RICHES PREJUDICES AND CALLOUSNESS.

December 28, 2011 at 1:27 am |

Austrian Econ

FDR's New deal did not, in any way shape or form, cure the Great Depression. It made the Great Depression worse. His misguided attempts to provide temporary stimulus are the same failed policies that Obama incorporates. The government only has what it can tax, borrow or print. It can't actually create any wealth.

December 28, 2011 at 9:40 am |

Old-Skool Conservative

We need a "Deficit Reduction Super=Committee". That's the only way we'll resolve this!

December 27, 2011 at 5:51 pm |

Curt

It's pretty ridiculous to me that banks can be bailed out financially but citizens cannot be.

Says a lot about corporations thinking they are better then individuals.

December 27, 2011 at 5:53 pm |

Curt

By the way the queen of England can lick my balls and tell her not to look at my eyes when she does a public broadcast.

December 27, 2011 at 5:55 pm |

Tschrny Wolf

I know, the outrageous cost of the Vatican, Buckingham Palace and other world republican or conservative places need be closed. The Kremlin too. It is a matter of decency, not party.

December 28, 2011 at 2:10 am |

chris

follow the money. Obama's administration was responsible for the bank bailout oversight. but wall street bought that with millions in campaign contributions.

December 27, 2011 at 5:55 pm |

Tschrny Wolf

CHRIS; PRESIDENT OBAMA EXPLAINED FANNIE MAE AND THE OTHER TWO WERE BASIC IN SUPPORTING OUR ECONOMY, SO WAS FORD. AND IT WORKED :) OUR ECONOMY RECOVERED ::))))))))) WE NEED TO REPLACE WALL STREET WITH A FAIR AND BALANCED FINANCIAL MARKET, BUT IN ORDEER TO AVERT A COLLAPSE, WE NEED TO KEEP IT IN PLACE IN THE MEANTIME BUT REFORM IT.

December 28, 2011 at 2:16 am |

Tschrny Wolf

THE CONSERVATIVE RICH OWNERS WALK ON A PLANK ABOVE THE MIDDLE WORKING CLASS AND LOWER CLASSES. SO THEY ARE SUPPORTED ON OUR OPPRESSED BACKS. AND THEY DO NOT SEE US OR UNDERSTAND HOW HARD WE WORK TO SUPPORT THE WHOLE SYSTEM.

December 28, 2011 at 1:31 am |

John Illinois

This guy just cannot stop spending! He is spending us into oblivion! Can't you people that support this socialist clown see this yet!?!?

December 27, 2011 at 5:53 pm |

Nostradamus

In the 7th month of 2014, there will be rioting and shortages of food and fuel, and the broken government will be unable to control the unwashed masses. President Obama will assign ownership of all American lands to the Chinese communists in exchange for an island villa near Hong Kong.

I have spoken ...

December 27, 2011 at 5:54 pm |

BMoney

Jim is right!! "It is time for us, the tax payers, the voters to stop listening to the political c rap coming from both parties and think about our country while we still have one"

I envision a country free of bed wetting libs, hippies and country club repubs.

December 27, 2011 at 5:54 pm |

hhi

Does it sound like less when you add the .2 to the 1,000,000,000,000 and no end in sight

December 27, 2011 at 5:55 pm |

Tschrny Wolf

NO NEED TO PANIC OR GIVE EXAGGERATED FIGURES THAT FRIGHTEN THE READERS. TUCK YOUR BO DOO WHEN THE SUN DOES NOT HIT YOU, HAHAHAHAHAHAHA :)

December 28, 2011 at 2:19 am |

DaveInTexas

This is simply more rape and pillaging of America before the socialist and chief gets the boot by voters. Never doubt Obama supporters, you've been had.

December 27, 2011 at 5:55 pm |

markeraymond

gov't knows there is no solution. Nearly half the population contributes nothing to the common good. We will not do anything to change that. So, WE, the working people of america, are screwed. In 100 years, maybe less, this will be a country with a very narrow (I mean like 1 out of several million) wealthy class, a bunch of well to do politicians, government employees and then the rest of the populace who will live like rats. sorry kids and grandkids

December 27, 2011 at 5:55 pm |

chris

blah blah blah.

it's bad when republicans did it.
it's good when Obama does it.

no different than Obama's own words.

liberal hypocrisy at it's most destructive.

December 27, 2011 at 5:56 pm |

ddblah

Chris: when economy is good, it is time to cut spending and reduce the debt. When economy is bad, the government has to spend its credit to save the economy.
In Bush's time, Clinton passed on to him the best economy and a surplus. He squandered it by a huge tax cut. The rich people gladly took the money and invested in other countries or took the risky bets. Now, we have the worst economy in decades. The government has no choice but to use its credit to borrow money to save the economy.

If you have any sense of financing, borrow money when you need it, save money when you have extra. In bush's time, we did have extra but we did not save. Now, we need money.

December 27, 2011 at 6:11 pm |

Ed

You don't know what your talking about, so why say anything. Please read Alison's post above. It should help you understand what facts are all about. Clinton ADDED to the debt. Every modern president has, that's the big secret. We have a system built on debt. That's the real product of capitalism.

December 27, 2011 at 6:23 pm |

dan

Actually I don't borrow, if I can't afford it I do not buy it. If my expenditures exceed my income I cut my spending. According to your logic the people who found themsleves in homes they could no longer afford should have continued to borrow more money. Even though they could not afford to payback their original loans. Well that makes a lot of sense, borrow until your bankrupt.

December 27, 2011 at 6:46 pm |

Jim

Oh I get it, the economy is bad so spend. And while it is bad, pass laws that make doing business in this country tougher, less profitable so that jobs leave the country. Shut down energy plants, stop oil and gas drilling so that the cost goes up making food that we NEED more expensive and replace those middle class jobs with retail, minimum wage jobs. Got it.

Oh, I see you are all over this site supporting democrats exclsuively making excuses left and right. I think you need a civics lesson so that you can get off the Bush thing. While it is true that Bush was handed a surplus when he took office, it is also true that he had a GOP congress and Bush's biggest debt accumilation came with a democrat congress and senate. Oh, the lesson, only congress can spend money and put us in debt.

December 27, 2011 at 6:53 pm |

Jim

Correction, I typed too fast and did not proof read. Clinton had a GOP congress when he had the surplus you refer to and Bush had a democrat congress during the years of the largest debt accumilation. I know facts are not your forte, but I thought you would enjoy some facts you could ignore.

And Yes, only congress can spend money are put us in debt.

December 27, 2011 at 7:18 pm |

Tschrny Wolf

CHRIS: NOT SO EASILY. YOU CANNOT COMPARE WHAT BUSH DID THAT DESTABILIZED OUR ECONOMY AND DISTRIBUTION OF INCOME AND TAXES.

December 28, 2011 at 1:37 am |

Tschrny Wolf

CHRIS: NOPE. RATHER THE POLICIES OF YOUR REPUBLICAN LEADERS AND NEGATIVISM HAVE WARNED PEOPLE OF YOUR USUAL RUTHLESS AND COMPASSIONLESS POLICIES. IT IS YOUR RESPONSIBILITY. WHAT GOES AROUND, GETS AROUND.

December 28, 2011 at 2:23 am |

Austrian Econ

True compassion comes from individuals PERSONALLY GIVING THEIR OWN MONEY to charitable causes. ALL statistics show that Christian conservatives are more generous with their money than liberals are. Why is this the case? Because conservatives realize that compassion is a voluntary act that comes from your own heart, not a forced act from the government. The government only has what it can take from the people anyway. And you cannot be compassionate with someone else's money.

December 28, 2011 at 9:37 am |

Ann

Impeach this crazy az*.

December 27, 2011 at 5:56 pm |

Tschrny Wolf

IMPEACH REPUBLICAN ASSES? THAT IS A GREAT IDEA :)))))))))))

December 28, 2011 at 2:26 am |

Tschrny Wolf

IMPEACH DIRTY REPUBLICAN ASSES? OH, DEFINETELY :)

December 28, 2011 at 2:33 am |

Curt

U.S.A needs to elect Ron Paul at least he will legalize marijuana... Something these idiots can't rap there heads around

December 27, 2011 at 5:57 pm |

Curt

*wrap

December 27, 2011 at 5:58 pm |

1CentFree

You said it right the first time. "Rap" music sales will skyrocket once everyone is gettin' high.

Wow, you actually think that the war on drugs is working? It has cost us a devastating amount of money and led to the harassment of our citizens (especially minorities). But hey, keep thinking the government can keep you safe from everything.

December 28, 2011 at 9:32 am |

chris

there is no amount of tax revenue that can cover uncontrollable spending.

December 27, 2011 at 5:57 pm |

ddblah

Correct. That's why we need to balance the budget when the economy is good.
It's suicidal to reduce government spending when the economy is bad.

December 27, 2011 at 6:13 pm |

Matt

False statement. It is not suicide to cut government spending when the economy is "bad". In fact, whether or not government spending helps or hurts during recessionary periods is a matter of much debate amongst economists. It is not a fact, one way of the other, but politicians tell you it is, and you believe them. Do some research. You'll find out why there are so many different economic ideologies out there is that no one can prove anyone of them is truly better than another.

December 27, 2011 at 6:18 pm |

DB

I don't know about you, but the only spending Obama is doing is to save the country and get the people back to work...Where was the cutting when Bush was spending the surplus he was left with? The republicans are screaming cut now and obstructing because they know that is the ingredient to getting this Country bank on its feet...They vow not to let that happen, all for the sake of "Taking back the white house" as the tea baggers put it!!!

December 27, 2011 at 6:19 pm |

Jim

DB a civics lesson might help you, only congress can spend money, not the president. Which party controlled congress, Senate and House, for the last few years of Bush's term? Hint, it was not the GOP. As for the war, it cost us about 100 billion a year, our debt is 1.5 trillion every year so let's agree the war is expensive, now focus of the remaining 1.4 trillion we are over spending every year.

December 27, 2011 at 6:33 pm |

Jim

DB it may be of interest to you as well that when Clinton accumilated that surplus you are referring to, he had a GOP congress. I'm not sure if you are interested in facts, but I thought you should know the reality of what happened.

December 27, 2011 at 6:43 pm |

DB

Jim, the president presents his plan and budget...its up to the congress to draft it and pass it...Oh, I'm sorry you need to be informed of the other Bush policies on the books (NOT PAID)...2 wars , drug plan B, Tax cuts, Stimulus... thatis where most of your 1.4 trill is...

December 27, 2011 at 6:43 pm |

Jim

DB you sure like to pass blame on one party and ignore the mistakes of your own. Too sad that you cannot see both parties benefit from ling to us and democrats benefit from keeping people in poverty.

The president can ask for the world, it is up to the congress to pass the budget and fund it. The fact is a GOP congress helped Clinton balance the budget and a democrat congress to increase our national debt by record amounts. Now onto your prescription plan that was not paid for, if it is so bad tell me what Obama is doing to repeal it. What are the democrats doing about it?

You obviously think that because somebody did something bad to the country, the next guy, your guy should be given the same opportunity to mess things up, meanwhile the tax payer, which you obviously are not one, get's stuck with the tab.

December 27, 2011 at 7:23 pm |

Tschrny Wolf

CHRIS: I MAJORED IN ECONOMICS. YOU WOULD BE A LOUSY ECONOMIST. SEE ACCOUNTING IS NOT ECONOMICS. ECONOMICS CENTERS ON PRODUCTIVITY AND INVESTMENT, NOT IN SAVING PENNIES LIKE ACCOUNTANTS DO.
GOOD ECONOMICS REQUIRES TAKING CALCULATED RISKS, IIT IS NOT FOR THE WEAK AND SCARED. SO GET OUT OF HERE. YOU SPREAD DISCOURAGEMENT AND COWARDLINESS. SHAME ON YOU.

December 28, 2011 at 2:44 am |

skytag

True, but a completely useless comment.

December 28, 2011 at 2:46 pm |

B2YS4U

How about stop blaming people for the problems that we face today and begin looking for solutions for tomorrow. While I disagree with the deficit increase I realize that it is necessary at this time. In the future as a citizens and tax payers we must demand balanced budgets and the only way that is going to be achieved is by smaller government.

December 27, 2011 at 5:57 pm |

JT

Do I hear another threat of a government shutdown looming?

December 27, 2011 at 5:57 pm |

AfroSheen

Obuma should be arrested for treason to even suggest that we raise the debt ceiling.

December 27, 2011 at 5:58 pm |

DB

OK, enough is enough. The American Dollar is now worthless. We are switching from the Federal Reserve Note to a based currency, which is Gold and Silver. From now on do not accept any pay, dividends, retirement, or any other income except in the form of Gold and Silver. Think of it, you take your wagon full of worthless paper which is backed by absolutely nothing but a promise of the Federal Reserve, remember that is from the organization of banks who have been bilking trillions of our dollars from us since the 1930's, to the store to get something. Another person takes a piece of silver or gold in coin form. The shop keeper looks at your worthless paper and the Gold piece that has value anyplace in the world. Which is he going to take? Common since says the silver and gold as the paper is only good to light a fire with. Thank you to the current 555 political hacks and thousands of retired or fired hacks in Washington DC that have distroyed our monitary system.

December 27, 2011 at 5:58 pm |

bad2worse

Why don't they just raise to 10 quadrillion and get it over with!

December 27, 2011 at 5:58 pm |

Goronpaul

I see lots of people blaming the war/s and military spending on the defict and debt issue. The only canidate who wants to end the wars and cut spending is Ron Paul.

December 27, 2011 at 5:59 pm |

Yevgeniy

This is after he promised to cut our debt in half for his election.

Also if the war in Iraq closing down where is the savings from that ?

People need to stop asking a million different questions because then no one has to answer.

I bet if ten million people asked congress and the president where all the money really went it would magically appear out of their back pockets and back where it belongs.

But as long as everyone has a different question and no one person can provide that many answers every one is sol.

December 27, 2011 at 5:59 pm |

Funny

What will you do when Obama is reelected? Move to another country?

December 27, 2011 at 6:00 pm |

Curt

Makes me want to get a loan for a trillion dollars I'd be balling.

December 27, 2011 at 6:00 pm |

ddblah

You should be glad when the government can borrow that at such a low rate.

December 27, 2011 at 6:15 pm |

Chris R.

Why? How does this fix the issue? Seriously???!!! If you don't have the freckn money, you don't spend it, you cut back on your spending. Government needs to be decreased in size. Military needs to be decreased in size. Our prisons need to get more effective and decreased in size (we have the largest system in the world and the most ineffective). Bring back hard labor and make them fear going back. Get rid of ALL tax breaks but two: Lower rate for retires (65+) and no taxes for fully disabled. THATS IT. Flat tax across the board for all individuals and businesses. Plus, come down super hard on illegal immigration. There are millions of illegals NOT paying taxes and stealing jobs AND using our social services again wasting OUR money. But most of all....... Make it illegal for special interest to be in washington.

December 27, 2011 at 6:01 pm |

james

No STOP THE SPENDING AND FORCE A BUDGET!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

December 27, 2011 at 6:02 pm |

glu

Governments always do the very best job of taking care of themselves. When it all boils down, nothing else matters.

December 27, 2011 at 6:03 pm |

Curt

I think the funny thing is Obama / Congress has no real PLAN to pay off the debt..

I think it is an engineered financial collapse so they can try to create there new world order.. I hope when it comes to that point the military takes the side of the civilians.

December 27, 2011 at 6:03 pm |

Curt

And as for the police... Well a lot of them are douche bags they just like getting there pay check from uncle sam for doing next to nothing.

December 27, 2011 at 6:04 pm |

reverance

Far flung as that sounds it may actually be true.. Ron Paul will work to end the Fed and the capacity to do just what you are theorizing.

December 27, 2011 at 6:33 pm |

Tim

This president absolutely refuses to lift the first finger to deal with the deficit nightmare. How can anyone claim this man is a leader? He's too timid to deal with the very problem that will destroy our very futures. Yes...Bush was a disaster too. Democrats and Republicans alike have destroyed our nation.

December 27, 2011 at 6:04 pm |

santa cause

So many people on disabled social security and so many veterans ....who claim they are disabled= disaster for this country. Lawyers should be held accountable for this mess this country is in!

December 27, 2011 at 6:04 pm |

Oh Really?

What a surprise. I was expecting the prez to suggest 1.2 trillion in budget cuts.

Dear Peter, please remember Obama has the same tax cuts in place that bush had during these war times, he also cut taxes more with the payroll tax, hes burning the candle at both ends and finishing AMERICA OFF, HILLARY AND THE DEMS VOTED FOR THE IRAQ WAR, WE NEED NEWT NOW, OBAMA IS DESTROYING OUR NATION, Hurry up november to vote out the lib dems and their cult leader before AMERICA IS FINISHED

December 27, 2011 at 6:05 pm |

ITSALLOVER

Another $1.2 trillion of debt, and that will only last a year. Its a pity that Europe and the USA are sinking while China and the east watch on as we sink beneath our sea of debt.

December 27, 2011 at 6:05 pm |

steve

Raise the debt ceiling 1.2 Trillion and he says it will get the country through the upcoming year. Of course that would be his scenario. People have short memories and that's what he is counting on come election time. What a ruse!!!

December 27, 2011 at 6:07 pm |

NewtRocks

Meanwhile, Mrs Obama is waxing Mr Obama's surfboard.

December 27, 2011 at 6:07 pm |

Chris R.

Hard decisions need to be made. What program are really needed and what can we live with out? If our current politicians cant and wont do what is needed, then vote them out!!!!

December 27, 2011 at 6:08 pm |

Ed

Read some books people. Try to actually know what a word means before you use it. The vast majority of you seem to parrot BS you hear in the media. The word simpleton comes to mind.

December 27, 2011 at 6:08 pm |

Walter

Why doesn't Obama just ask to raise the limit to 1 googol and be done with it.

Eliminate medicare and medicaid and there's your $1.2 Trillion dollars. Stop fighting in Afghanistan and there's another 400 million. Of course, there will be a cost in human suffering, but would the suffering be any less if we defaulted on those programs and went bankrupt? The money is not endless. Time to live within our means – before our creditors dictate how we will live.

December 27, 2011 at 6:09 pm |

Jeremy

the war contributed to the problem. 1) The war did not end when Bush left. 2) his tax cut contributed to the debt. 3) Instead on investing in economy, Bush's policy made the recession worse. 4) at time of bad economy, it is suicidal to reduce government spending. 5) The right time to reduce government spending is when the economy improves.

December 27, 2011 at 6:09 pm |

BambooGirl408

OKAY! As an educated Obama supporter, I'll dumb it down for the t-sacks who STILL don't get it. The Bush Jr. Administration, with it's reckless tax cutting and military bungles, was the economic equivalent to setting off 3 nuclear bombs on AMERICAN soil:

One for Iraq,
one for Afghanistan after losing track of Bin Laden AND the Taliban which dragged the whole war out for a decade longer than it should have lasted,
and one for the tax cuts.

What happens when a nuke goes off? Does the damage end with the explosion? NO! You get the explosion, the EMP damage that takes a long time to fix, and let's not forget radioactive FALLOUT that poisons EVERY bit of useable land and water in the blast zone for THOUSANDS of years. Ask Japan, it took them MANY years to recover, and they're STILL seeing residual effects. You t-bags believe that as soon as Bush left and Obama took over, all he had to do was cut spending, cut taxes and regulations, and the economy and jobs would magically come back. WROOOOONG! You could STOP all corporate taxes COMPLETELY, and it would STILL be cheaper to hire foreigners. You really think YOU could survive on what US companies pay Mexicans, Indians, and people in Southeast Asia? HA! Yeah that must be why THOSE countries have such fantastic economies, huh? That must be why Mexico is the richest country on Earth thanks to all the American "job creators" who go there, and why China is so afraid that Taiwan is a big threat to their economy. Oh wait, THEY AREN'T! All the "job creation" of all those outsourced jobs and those countries are STILL broke. Even though their governments and the US corps over there hoard wealth like no other, and taxes are low, and regulation is nonexistant, the PEOPLE are STILL BROKE. Even a dim-witted t-sack ought to be able to see that something isn't adding up between the whining of corporate Repukes and the overall effects in places where they're allowed to do things THEIR way. But I guess if the t-bags COULD understand all this, they wouldn't be freakin' t-bags in the first place, would they?

December 27, 2011 at 6:10 pm |

conoclast

Uh-oh - somebody mentioned 'debt ceiling' again; time for the House tea-baggers to have another John Birch Society- scripted hissy-fit! What'll it be this time eh, throwbacks? The entire global economy?

December 27, 2011 at 6:10 pm |

Jim

Spoken like a person who does not have the responsibilty to actually pay taxes. I suppose if I got to live off of the tax payer with no personal responsibilities I would be all for raising the debt ceiling as much as needed to give me more so that I do not have to be in control of my own life.

December 27, 2011 at 6:20 pm |

DB

Naaaaa, let's just double the national debt, what the heck our economy is worth less and less each day as commodities, gold, silver, imports, apparently go up when in reality as long as we stay the course, our worthless dollar is just worth less and less to the world. Let's have the working half of the population support the nonworking half, which will work until the working half says it wants to join the nonworking half. Let's let Uncle Sam support us in the mannor in which we are custom to. Federal Government running out of money, what the heck, are we out of paper that we can print more "Federal Reserve Notes" on? Print Print Print Let's go for broke recession, double recession, deperssion, default, bankrupty as a nation!

December 27, 2011 at 6:22 pm |

DB

Dear Charlie, reading is fundamental. No where in my post did i insinuate that the response to 9-11 was inappropriate. leave it to sheep to twist things up to make up a fictitious point... I was merely alluding to how we got the 15 trillion in debt we find ourselves in today...Folks want to blame Obama for the current debt, but fail to put the blame where it started. Folks also fail to admit that Bush's policies are still on the books, STILL NOT PAID FOR. We here squabbling about Obama adding to the debt, but you republicans won't stand up to your republican congressmen to pay for the Bush policies...Instead they want to break the backs of the middle class to flip the bill by cutting welfare, SS,medicare, edu...etc Give me a break!!! And as my good friend DDBLAH pointed out:
The invasion of Iraq was not suppose to be a part of the response to 911. We wasted Billions and countless American lives for an unjust war...that you are currently blaming Obama for the debt it incurred!

December 27, 2011 at 6:10 pm |

1CentFree

People are losing sight of the fact that Congress is in shambles. They can't get a damn thing done. They cannot wait until the 11th hour this time to strike a deal on the debt ceiling. There is no way in hell that they are going to come to an agreement on spending cuts before the US defaults on its debt and takes another credit rating hit. As upsetting as this might sound, this is a smart move. Raising the debt ceiling now buys more time for negotiation on budget and spending cuts.

If we didn't go into those two unnecessary wars, we wouldn't be in this mess to begin with.

December 27, 2011 at 6:11 pm |

Jim

Get off of the war thing, yes they were/are expensive but that accounts for 100 billion dollars a year for a little of one trillion over the entire 10 years. Our debt is 1.5 trillion dollars every year, so what is your excuse for the other 1.4 trillion dollar debt we accumilate every year???

December 27, 2011 at 6:22 pm |

Norm

We're not in this mess because of the wars. We're in the mess because alot of that good ol' middle class thought refinancing their houses to 120% present value on ARMs was a smart thing to do. The gov't's only short because it had to bail US (not Wall St) out.

December 27, 2011 at 11:16 pm |

glu

The US is more broke than the old Soviet Union ever was.

December 27, 2011 at 6:11 pm |

Sjmfury

Debt Ceiling Raised AGAIN, yet another Ron Paul Endorsement.

December 27, 2011 at 6:12 pm |

Jupiterssun

lol This is nuts , i don't care who wants the money. It's just IRRESPONSIBLE to keep spending that kinda money, Just untill the end of the year ?
Government and every person in the Senate and Congress are makeing fools of us.
Vote Ron Paul and lets get are affairs in order no more free money to other countrys and no more free services to defend them we are a business, Not a hand out and if we need to hand out, Lets fix are country first then. We can help others
You want to live here you pay your taxes AND live as an AMERICAN not illegals.
Are Government does not need 20 differnt entittys. And why does any member of Government get free Health care and paid vacations. We truely live in the Greatest Country , But we are slowly Losing are greatness because we are over stepping are selfs to help others . You have to be Healthy and Strong, If you want to be there for others.

December 27, 2011 at 6:13 pm |

below poverty

The rich get richer and you know the rest. How much longer do you think the poor are gonna take it. This Occupy movement is just the beginning if things arent drastically improved. Iraq was supposed to pick up most of the tab to pay for whatever we did for them, what happened? You think 25 million people just decided not to pay on thier mortgage or wanted to get laid off to end up on unemployment which dont cover expenses? Answer them questions and that'll be a good start. But no "We the People" are just cannon fodder.

December 27, 2011 at 6:14 pm |

Foghole Bottom

The day President George W. Bush entered office; the national debt was 5.728 trillion dollars. The day he left the debt was 10.628 trillion; an increase of 4.900 trillion dollars. The day Obama took office; the national debt was 10.628 trillion. Last Friday (12/23/2011) the national debt was 15.129 trillion dollars; an increase of 4.501 trillion.

To put this perspective, what it took Bush eight years to do; Obama has been almost able to match in three. While Bush’s term in office may have been a disaster; Obama’s reign represents total destruction.

Source: treasurydirect(dot)gov/NP/NPGateway

December 27, 2011 at 6:14 pm |

reverance

CNN is moderating my comments with the word F-E-D intersting

December 27, 2011 at 6:14 pm |

reverance

CNN is moderating my comments with the word phed intersting

December 27, 2011 at 6:15 pm |

Meki60

This Obama is such a President Garbage

December 27, 2011 at 6:17 pm |

DB

Hay CNN why are my comments always. "Your comment is awaiting moderation" and then it never gets posted. I have not used any prohibited words but I guess the ideas or questions do not conform to CNN's desires, or maybe you are just controlled by Congress or the White House today.

December 27, 2011 at 6:17 pm |

lesajansen

sorry for the delay-we have had an avalanche of comments in the past 12 hours and are working as quickly as we can to approve and post- thanks for participating!

December 28, 2011 at 3:30 pm |

john

.
Complete acehole!
.

December 27, 2011 at 6:17 pm |

MAES

I, for one, get really, really tired of people who try to use the "People who pay taxes..." argument. EVERYONE pays some kind of taxes in this country. Nor can they try to justify the silly argument by focusing on the Income tax.

Why? Because almost every single person who pays any income tax is doing their very hardest to limit how much they pay and is constantly wailing for tax cuts and more tax cuts.

On the other hand, many working people who owe no income tax after filing, have lend the government money for a whole year without getting a speck of interest.

In the past, Americans had sense enough to expect those who had more to pay more tax. Now, that common sense seems to be long gone.

December 27, 2011 at 6:18 pm |

john

.
AH, yes!
.

December 27, 2011 at 6:18 pm |

Ian

Good job Obama, that'll fix our problems!

December 27, 2011 at 6:19 pm |

Nooneland

"Look, it's simple economics, the only way to get out of debt, is to get into more debt".
Barak Obama

December 27, 2011 at 6:20 pm |

Curt

We have all seen Obama come on T.V. and say..> Times are going to be tough folks... of course not for him, he means for everyone else....

If he's re-elected I'm sure he'll have another one of those speeches, to say, you people are going to have to pay the price for our outlandish spending.

December 27, 2011 at 6:20 pm |

SafeJourney2

Curt, and if someone else is elected, do you think times will be tough for them? Think man, THINK

December 27, 2011 at 7:12 pm |

Curt

It is true safejourney.... Just gotta hate how two faced Obama is compared to before he was elected.

December 27, 2011 at 7:36 pm |

Tschrny Wolf

President Obama has the right to fund his family and leave them funds. You criticize him but you admire walker bush, who was filthy rich but did not give his wealth to American needy people, instead he cut milliions of taxes mainly for the rich.

December 27, 2011 at 8:28 pm |

Curt

Actually I never said I liked Bush at all... Because I don't.

His father was the one that loved the crack head idea of a new world order.

I thought Obama was a change.... I was a supporter... Now I realize at least he's awakened a lot of people to the grimness of politics and the puppet masters.

December 27, 2011 at 8:35 pm |

NRMD

Increasing Debt limit – Path of destruction. Abusive practices in social programs and Increasing un-necessary and excessive security personnel that is not only consume resouces but also delay progress. These two Black holes can consume all the money in the world and eat up the mankind.

December 27, 2011 at 6:20 pm |

Lexington08

Not to scare you BO, but disasters only happen in worst moments. A BIG one.

December 27, 2011 at 6:20 pm |

Truth Teller

At this point it's pretty evident that both Republicans and Democrats are the problem not the solution.

December 27, 2011 at 6:22 pm |

Stickyd

Look at it like this......if you have a 5,000 credit limit on your visa credit card, make $30K a year, and after bills & living expenses, you only have 1,000 of expendable income, do you think Visa would raise your credit limit to 10,000 just b/c you can't pay your current bills? That's exactly what this is. In the real world situation, a responsible person would start by cutting unnecessary spending and stop buying things they don't HAVE to have. Is it painful and less desirable, of course, but it's the responsible thing to do. Too bad Obama doesn't see it this way. He is trying his best to destroy our economy by refusing to make necessary cuts and reduce spending. This is unreal!

December 27, 2011 at 6:22 pm |

Old-Skool Conservative

I'm mystified why Barry is reviled by GOPers. If this isn't just a carbon-copy of Dubya's Borrow-And-Spend economic policies, I don't know what is...

Due is a card-carrying Republican wolf in Democrat sheep's clothing.

December 27, 2011 at 6:22 pm |

Generics

Lol, wow. All this fighting over adjusting the budget of our country this past year, and now Obama ends up just requesting a debt ceiling increase. All of this crap in 2011 was for nothing.

December 27, 2011 at 6:23 pm |

BlueDestiny

What a joke government is. They can't manage, can't reform their own house, they get elected by special interest contributions, who waggle baubles to get their cronies elected, only to ignore their taxpayers' wants and needs by being puppets of special interests. The 2-party system of government is broken, past its day, and needs an overhaul as much as government needs to reform its practices, policies, and expenditures. The fat needs to go, every dollar needs to be spent purposefully rather than squandered and pandered to overbloated pay, positions, pensions, and waste. They need to clean shop before any tax increases can be considered, or any debt ceilings are lifted. They are completely inept, completely in the pockets of special interests, and completely ineffective. They all need to go, the culture of abuse to taxpayer and trust of taxpayers, and the corrupt (racketeering) cronyism to campaign contributing interests needs to be criminalized.

December 27, 2011 at 6:23 pm |

Justin

Don't worry everyone. My three-month-old said she'll taken care of our overspending. But since adults can't act their age she really doesn't have a choice.

December 27, 2011 at 6:23 pm |

joe

The debt ceiling is a joke/distraction. With the money they already have committed the ceiling is already above 1.2T So why bother?

He is out to lower American's standard of living and is doing a good job of it through health care and the EPA. Notice all the debate is about raising taxes. What happened to the cut spending debate.?

December 27, 2011 at 6:23 pm |

Mackeby

People keep commenting on the fact that Republican Presidents increased the debt more than Dems. Ok, so let's admit they were idiots, and move on. At some point this is going to have to stop, regardless of who is in office.

December 27, 2011 at 6:24 pm |

Idiots

Nice hope and change Obama.

December 27, 2011 at 6:25 pm |

ProperVillain

Apparently the solution to get out of debt is to get into more debt. Great idea Washington!

December 27, 2011 at 6:26 pm |

SafeJourney2

How did they get out of the Great Depression?

December 27, 2011 at 7:13 pm |

Norm

War.

December 27, 2011 at 11:12 pm |

DumbBO

It was called WW II

December 27, 2011 at 8:02 pm |

Tschrny Wolf

By investing and impoving out trade, we increase revenues and then can pay our deficit. Otherwise if we save and cut services or stop helping small business, we reduce and limit our commerce internationally and nationally; so the republican way is mimimalist and anti-economic growth.

December 27, 2011 at 8:32 pm |

funnyboy

is there no end to obama's spending? does he not understand that a day of reckoning is coming?

December 27, 2011 at 6:26 pm |

steve

A Trillion here, a Trillion there. It's all chump change for this spending-like-a-drunken-sailor administration. We're boned.

How many more times will this be "needed"? At some point, this is no longer a "necessity", and instead, becomes a "choice". Can we get some info please, on why this is considered necessary, and what is being done to ensure that it won't be needed again? I'm a progressive, and will vote for the President again in 2012, BUT... the Right-Wingers have a point here. When does it end, and how?

He might as well. Some people are still attached to the idea that we can get back onto the Gold standard. Keep dreaming those days are over. We need an entirely new fiat currency.

December 27, 2011 at 6:28 pm |

Michael

There is a critical shortage of leaders to address this problem – so only a demagogue will touch it – and there is no shortage! The political class will sell whatever your buying.

December 27, 2011 at 6:29 pm |

soy

this guy is on a ROLL now isnt he. banks and all the monopolistic corps in bed with government cant wait to f up the entire planet and themselves with it for fun. This guy is like a michael jackson cult personality tending the ship as it sinks into oblivion

December 27, 2011 at 6:31 pm |

soy

now, i just wonder, how does all of this explode. hmm, i think im going to f get out of america now before its too late.

December 27, 2011 at 6:32 pm |

Jman

More evidence they are seeking to dismantle this nation.

December 27, 2011 at 6:32 pm |

Do UnderstandThis

The debt ceiling Has to be Raised folks, otherwise the bills won't get paid to the end of next year. Bills that affect You and Me, for one. Then the problem with the penny-pinche Republicans who don't want to lift a finger to pay the nation's bills complicates matters by making them Worse! Understand that Obama HAS to do what he has to do to Pay the Bills!!

December 27, 2011 at 6:33 pm |

Barry Obama

It must suck to be the little people. After 8 years of Bush I'll need at least another 15-20 years to get this mess cleaned up. A racist document like the Constitution shouldn't keep me from seeking a fe more terms in the White House ...

December 27, 2011 at 6:33 pm |

bucinni

Obama is running our country into the ground so obviously that I almost wonder if it's intentional, not just misguided.

December 27, 2011 at 6:34 pm |

Deanne Kazel

How about a balanced budget??? CUT OVERHEADS starting with $4 million dollar vacations . HOW MUCH OF YOUR VACATION EXPENSES ARE YOU PAYING MR. PRESIDENT?????? How about leading congress instead of hiding from responsibilities like 3 yrs without a budget??

December 27, 2011 at 6:36 pm |

Jim

Let's all agree that the wars were expensive and excessive, they cost 100 billion each year. Now, let's focus on the remaining 1.4 trillion dollars that we spend each year more than we are taking in. The only way to solve this is to fix the entitlement programs, that is where the debt is and the president, in an effort to win votes, is ignoring the lelphant in the room and this country will pay for it and that day will come soon.

December 27, 2011 at 6:36 pm |

trumantiger

its the spending stupid........

December 27, 2011 at 6:38 pm |

scary economy

USA is super flat broke.... Most of Congress made about 100-500 million dollars. Soon, they will wipe out Millionaire Americans. Sorry people. It's real. It's called New World Order.

December 27, 2011 at 6:38 pm |

BobPlanet

Those $14 million vacations by the president add up and if the rich won't pay their fair share of the president's vacations he'll need to borrow to keep the party going.

December 27, 2011 at 6:39 pm |

Jeff

Hpw many of you can not pay your bills and run our "borrowing" money to make ends meet that increase your debt??? There is not a bank in the world that would loan you money or give you more to spend if you can not pay your bills. This government needs to pay its bills and quit driving the national debt higher, the higher the national debt the more the economy will collapse.

December 27, 2011 at 6:41 pm |

james

Bush was right–Obama hasn't got a Clue–

December 27, 2011 at 6:41 pm |

Tschrny Wolf

hahahhhahahahqa...walker bush who used clinton's surplus to cut taxes for the rich, mainly and put our economy in a recession blames President Obama? wow, another case of bullets shooting guns! hahahahahahaa.

December 27, 2011 at 8:39 pm |

Austrian Econ

The government can only collect about 20% of GDP in taxes. Raising taxes would not increase revenue above this level. If you're spending is above 20% GDP, you are guaranteed to be running deficits. It was actually Bush's liberal policies (No Child Left Behind, Medicare Part D) plus his two wars that have contributed to this. Now Obama has increased spending even further. Both parties are responsible, but both refuse to make the necessary cuts.

December 28, 2011 at 9:26 am |

B.

Children, you do realize that increase of 5B to 5B is much more percentage-wise than 5B added to 10B? :) Therefore, some of your math is completely useless, misleading and worthless :) Good luck!

December 27, 2011 at 6:42 pm |

qularknoo

people need to wake up ... demand the government stop spending on non essential, non federal government programs. If the Constitution did not assign responsibility to the federal government ... then those programs need to be stopped or handed over to the states.

December 27, 2011 at 6:42 pm |

Hector

I think we just need a businessperson in office, not another politician. We need results, not promises. Forget this Conservative, Liberal, Democratic, Republican, bipartisan arguments, and think what, "We the people" can do to make this country work on the right track. Everyone's argumentation is valid, but it does not help fix our problem. We need to run this country like a business, and we will see our issues start to diminish.

December 27, 2011 at 6:44 pm |

joesixpackjr

We elected the most partisan member of the Senate as the President, and now we have gridlock. Blaming the tea party and the repubs is a distraction – aided by CNN. The formula is simple: elect a partisan president = gridlock.

December 27, 2011 at 6:44 pm |

Big John

Ok, I don't know HOW, but I do know WHAT, we need to do. We need to make it a law that any corporation formed in this country, by it's citizens, has a duty to FIRST create jobs here. This bull of going overseas or down south for cheaper labor needs to be STOPPED NOW. It is not the poor and middle classes who inflated the dam dollar in the first place. Once we get manufacturing and industry back, then we go after the government, shrink it back down. If people don't want to work, (here I mean the lifers on welfare) deport their assnesses. Then revamp education. Make it the single most important issue, like it should be.

December 27, 2011 at 6:44 pm |

garbage mouth welfare prez

lets spend our kids into debt. This president needs to be stopped and all those Repubs and Dems that support this wannabe dictator need to go also, in any other country what these guys are doind would be called Treason.

The Federal Government needs to get completely out of education. That is why tuition keeps rising. There is no Constitutional authority for the Department of Education. The more $ government grants to education, the more college costs will continue to rise. College is truly the next government inflated bubble.

December 28, 2011 at 9:22 am |

Tschrny Wolf

Blaiming President Obama for what walker bush did is crazy. Cant you republicans and tea party find other excuses to disabow your guilt and what you voted for?

December 27, 2011 at 11:15 pm |

w l jones

well.. well 1.2 trillion add on debt only put 8.4 trillion dollars in economic activily in our ecomony for about three years which will pay for it self for we the people.

The government simply cannot go on spending in this way. I'm tired of the Bush blaming. He's gone. Obama has done nothing but throw money at solutions that do not work for the long term. I fear the democratic party has become the party of the non-working people. People, wake up! This change didn't work. We need someone who knows how to stop spending and turn the economy around. We will never get out from this massive debt until we curb senseless government spending.

December 27, 2011 at 6:46 pm |

iceaxdave

" The problem with socialism is that you eventually run out of other people's money." Margaret Thatcher

December 27, 2011 at 6:51 pm |

Jim

Not true, Obama has discovered he can spend money of future generations before they are even born.

December 27, 2011 at 7:25 pm |

Tschrny Wolf

to conservative Jim: President Obama is not taking the money of future generations, rather you republicans cut community college grants, university scholarship and loans for students plus lunches for poor students, so you are using a false excuse to accuse our President. Why are you doing this financially? Did you plan to steal that money? Probably. You seem unable to control your greed. All your candidates are unfit to rule.

December 27, 2011 at 11:23 pm |

Tschrny Wolf

No wonder Britain is revolting.

December 27, 2011 at 8:48 pm |

Sean

Obama had a huge mess to begin with...no doubt...but considering we're out of Iraq, spending SHOULD go down. Since we got OBL, we SHOULD start getting out of Afghanistan too. But I recall a certain candidate offering to go through ALL government programs with a scalpel (as opposed to a hatchet), in hopes of eliminating programs that were unprofitable, or didn't make sense.

Here we are, starting year 4 of his Presidency and (maybe I missed it), and I haven't seen one program stopped. Instead I saw a Solar Company get a grant approved (then file for bankruptcy), and a Healthcare bill sure to create more bureaucracy.

Where's the scalpel Mr. President?

December 27, 2011 at 6:52 pm |

Idontknow45

You can blame the current financial mess of this country on past presidents all you want but I don't see Obama doing anything to turn that around and that is what makes the situation worse. He is continuing on the same tracks as Bush before him. When will people realize its not a matter of democrats and republicans...It's a matter of politicians who are failing this country from both sides. The government needs to cut and right now they are not serious enough about it or else it would have been done. Ron Paul is running in the GOP nomination and his policy regarding the financial situation of our country is worth looking into. It is different than both Republican's and Democrat's and appeals to the people.

December 27, 2011 at 6:54 pm |

Sara

No. No. No. My family has enough sense not to borrow during this financial crisis, so why doesn't the government? My family has cut back in many ways. We shop for food sales, bargins, we have let go of all extra programing on Dish Network. My husband and I now ride together to work. We take our meals to work. What has the government cut? They have cut NOTHING. This would mean borrowing from the Chinese. NO. Obama is no businessman. I just saw where our representatives income has increased 500 percent while ours has gone down. Freeze the salaries in Washington and cut, cut, cut. No Borrowing!!! Have we leaned nothing?

December 27, 2011 at 6:55 pm |

racist?

If you sayin Obama shouldn't be spending that money you probably racist. White devils spend money all the time, let the black man spend some. Now give him the 1.2 trillion it ain't gonna do nobody no harm. heh heh.

December 27, 2011 at 6:57 pm |

Mr Grumpy

Try this again for the CNN puritans:
I quote: "because you simply does not sound like well-educated." LOL! Really too funny. Thanks for the laugh. BTW, tax revenue for the US went up with the Bush tax cuts. So much for that theory.

December 27, 2011 at 7:02 pm |

mikeblack

the economy is bad is becasue o bad ma .... talking good is one thing, but doing (deed? what deed have we seen in 4 years? evidence NOTHING) good is another .... that's all we see... i would NEVER vote for this guy ... just because you're color, doesn't make you any special, but future worst! FACT forth told......

December 27, 2011 at 7:08 pm |

SuperCH

We make mistakes. We made quite a few. Regardless of how we came to the sink hole of the trillion dollar debt, (thinking outside of the box), we got the get the hell out of the sink hole fast and never to make the same mistakes again.

Our options to get rid of the sink hole are very limited. It's time therefore time to make a difficult choice. Let's make that decision, move on (leave the sink hole behind) and start anew and never let that happens again.

We shouldn't spend the money we don't have. We should never borrow the money we can't repay. "Fiscal discipline" seems to be a rational approach. "Tax and spend" is not a wrong approach as long as taxes are not unreasonable and the spending is not unnecessary.

The federal government is too big. Waste flows through the funnel somewhere. Trim the government to an appropriate capacity more than enough to handle national and global operations. That's it.

all you repugs are so stupid and are so hell bent on seeing obama as a 1 timer,,,too bad it isn't going to work unless you cheat again like you did for shrub's "selections",,,i think it is hilarious that even tho you idiot repugs have done nothing but obstruct about everything this man has tried to do,,,yet he has done more major passages than any president i have seen in my life time and i amm nearly 60 yrs old,,,so even if he is a 1 timer ,,,(i doubt it,, because he will win ),,,he still has done more than shrub or bush or ford or nixon or reagan(bedtime for bonzo) ha ha ha ha

December 27, 2011 at 7:24 pm |

Jim

You are lucky that an intelligence test is not required to vote. People like you are why government is in such bad shape and why this country will collapes one day. You ignorantly follow YOUR party, ignoring all the bad they do and you attack the other. Both parties are the problem.

Tell me, how many people have benefited from Obama? Answer, none. The same number that benefited under Bush, but can you recognize that? Nope.

You love to rail against the rich that manage businesses and banks yet you say nothing about the 1% super rich movie stars, athletes or lawyers. Nope you turn a blind eye and in the end both parties are keeping you down, but go ahead if it makes you feel good to believe Obama is working for you do it, Santa is real too.

December 27, 2011 at 7:30 pm |

Ray

In the last national election in 2010, a majority of American's rejected the bigger government, more control of our lives, and more debt! Pelosi was replaced and if it had been a presidentional election Obama would have also been replaced. Obama care, trillion dollar 'stimulus' bribes, and more and more debt will not get him re-elected.

December 27, 2011 at 8:49 pm |

Tschrny Wolf

Yesss, Indeed :)))))))))) President Obama all the way! ra ra ra :)

December 27, 2011 at 8:54 pm |

Rod C. Venger

Liar. You're nowhere near 60 years old. I'll bet you're not even 30 yet. Language use is generation-dependant and you clearly are far younger than you claim. You have the political immaturity of a college student, have an opinion but no real experience to measure it against. You would fault half of America for wanting to make Obama a 1 termer yet half of America wanted the same for GW Bush too. Bush struck back against those that wounded us.

Obama let those still fighting us win the war. Make no mistake, we lost. The point of war is to defeat your enemy, either through eradication or by sapping his will to fight, thereby instituting political change. Well, Obama has no will to fight, AQ and the Taliban do. We left Iraq and the political change is just now becoming evident with even more bombings and the very real threat of a civil war n the horizon. Obama is also running out of Afghanistan just as fast as he can. Afghanistan should have been a pacified country but instead we have Karzai running interference for the Taliban, forbidding US troops from engaging in night-time raids and shutting us out of "negotiations" with the Taliban. Exactly what is Karzai negotiating? The last negotiator blew himself up. He may well turn over a contingent of US troops to the Taliban. It would be all too easy to plan accomplish. When Obama was elected he said Afghanistan, not Iraq, was where we should be fighting. But he's not willing to fight there either. WE LOST THE WAR and we have Obama to thank for that. 1 term indeed.

Now isn't that better than your generalities that say absolutely nothing other than you don't know what you're talking about? As usual, people like you act like "critical thinking skills" means nothing more than mouthing off against authority, but you can't actually work through and analyze a problem.

December 27, 2011 at 11:07 pm |

Tschrny Wolf

To Bawana: I agree and support you :) Happy New Year, cheers and best luck :)

December 27, 2011 at 11:26 pm |

yankee

someone needs to tell HIM to go to h$ll

December 27, 2011 at 7:24 pm |

12970

Everyone seems to be blaming Bush for the wars and tax cuts, but seem to forget that Obama ran to end the wars. When he did not end the wars he owns them. Ditto with the tax cuts. Now he has doubled down with Social Security. When you retire you will get less because you paid less. Agreed its not all Obama's fault, but he has yet to take action to improve the situation. For those who want to cut government spending when the economy improves point to one time when that has happened in modern presidencies. Until we have a flat tax for both corporations and all people with no dodges this problem will get worse. Collapse is coming, since no one has the courage.

December 27, 2011 at 7:32 pm |

thecure2

Gee what great posts Cyrus. Except for the facts you libtards have forgotten in your over-simplified reasons for our poor economy.
1-Class warefare. This president has destroyed belief in capitaliism in this country and the weatlthy don't trust him.
2-This president mislead Americans when he said he'd be the most transparent adm.
3-This president rammed healthcare down our throats and the majority of Americans resent forced action by any gov.

These three issues have kiilled this child of a president, and nothing will help him in 2012. You tards can vote all you want (cause we know you will), but it will be in vein.

December 27, 2011 at 7:33 pm |

zigge

When is this deadbeat obama and his super corrupt administration going to be stopped.Enough is enough. He doesn't need any more money to squander on his corrupt,socialist agenda.

December 27, 2011 at 7:36 pm |

Tschrny Wolf

Demonizing President Obama is one more republican dirty lie. He is responsibly asking for money to repair roads and brigdes you use. Your reaction is callous, partisan and selfish. Shame on you.

December 27, 2011 at 8:59 pm |

Tschrny Wolf

to conservative zigge: ah? how loonish and out of contact with reality are you?

December 27, 2011 at 11:28 pm |

AmericaStand

I have yet to see actual sources cited for many of the numbers submitted. Bottom line, this administration has seen unemployment & national debt greatly increase. Also, this administration has enabled a mindset where more citizens have grown lazy and make excuses for their hardships and expect others to pay for it. If you want continued increases in debt, unemployment, and decrease in respect for America by other countries, then go ahead and vote for reelection of this administration. Afterwards, look in the mirror and blame yourself for an uneducated decision, not others.

December 27, 2011 at 7:36 pm |

nolan

Man, these comments are so one sided...

Bush did a shit job and dug us into a hole.
Obama could have done a much better job digging us out.

Everyone is to blame, now shut up.

December 27, 2011 at 7:38 pm |

Republicans SUCK

Another chance for insane TeaPUKElicans to destroy the country. Time to take action to rid the land of BAGGERS and their evil spawn the rePUKElican party

December 27, 2011 at 7:42 pm |

Curt

The scary thing they probably want to send all the people that know about there grand scheme of a sustainable earth / new world order and send them to FEMA camps... I'm Canadian.. I wouldn't be surprised if Canada has a secretish group doing the same preparations.